IPO
Specialty chemicals firm Tatva Chintan raises Rs.150-Cr from anchor investors
Vadodara-based specialty chemicals company Tatva Chintan Pharma Chem has raised INR 149.99 crore from 22 anchor investors ahead of IPO opening. The company allocated 13.85 lakh equity shares to anchor investors at INR 1,083 apiece. Over 6.5 lakh equity shares were allocated to seven domestic mutual funds through a total of 14 schemes. Global investors who participated in the anchor book were Goldman Sachs, HSBC Global, Abu Dhabi Investment Authority, Aberdeen Standard Asia and Nomura. Axis MF, Aditya Birla Sun Life, Nippon Life, SBI Life Insurance, SBI MF, ICICI Prudential, and HDFC Trustee are among the domestic investors. The offer comprises a fresh issue of INR 225 crore and an offer for sale of up to INR 275 crore by promoter and promoter group including Ajaykumar Mansukhlal Patel, Chintan Nitinkumar Shah, and Shekhar Rasiklal Somani. The IPO price band is INR 1,073-1,083 per share. The company will use the IPO proceeds for the expansion of its Dahej manufacturing facility and upgradation of R&D facility in Vadodara.
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