Tatva Chintan IPO: The company shares traded at a premium of Rs 700-750 in the grey market at time of writing this copy
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The Rs 500-crore IPO of Tatva Chintan Pharma Chem is witnessing an overwhelming response from investors as it is oversubscribed by 162 times so far, on July 20, the final day of bidding.
Investors have put in bids for 52.84 crore equity shares against offer size of 32.61 lakh equity shares, the subscription data available on the exchanges showed. The offer size mentioned above was reduced as the company raised Rs 150 crore from anchor investors on July 15.
Retail investors seem to be strongly backing the issue as their reserved portion was subscribed 34.12 times and that of non-institutional investors 455.27 times.
Qualified institutional buyers have put in bids 165.84 times their reserved portion.
With this, the IPO received more than Rs 57,000 crore of bids from investors so far including more than Rs 16,000 crore of bids by QIBs.
Also read – Tatva Chintan Pharma Chem IPO opens, 10 key things to know about the issue
The specialty chemicals company is planning to raise Rs 500 crore through its public issue which comprises a fresh issue of Rs 225 crore and an offer for sale of Rs 275 crore by existing selling shareholders. The price band for the offer has been fixed at Rs 1,073-1,083 per equity share.
Tatva Chintan Pharma Chem is a specialty chemicals manufacturing company engaged in the manufacture of a diverse portfolio of structure directing agents (SDAs), phase transfer catalysts (PTCs), electrolyte salts for super capacitor batteries and pharmaceutical and agrochemical intermediates and other specialty chemicals (PASC).
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It is the largest and only commercial manufacturer of SDAs for zeolites in India, operating through 2 manufacturing facilities situated at Ankleshwar and Dahej in Gujarat. Tatva Chintan supplies their products to customers in India and export their products to over 25 countries, including the USA, China, Germany, Japan, South Africa and the UK.
“Growth in demand for SDAs, especially for applications in automotive segment for complying with latest emission control standard, should drive revenue over the medium term. SDA and PTC products from the company offer a variety of applications in green chemistry, which is pertinent given the increased emphasis on green and sustainable technologies,” said Asit C Mehta.
The company also earns 30 percent of revenue from pharmaceutical and agrochemical intermediates and other specialty chemicals, which are basically export orders shifted from China to India. “With its superior product mix, established brand name, forward integration, strong relationships with multinational, and adding capacities, we believe Tatva Chintan is likely to deliver healthy financial performance,” said the brokerage which recommended to subscribe the issue from a long-term prospective.
At the upper price band of Rs 1,083, the stock is valued at 45.8x of FY21 earnings of Rs 23.64 (based on fully diluted post issue equity), the brokerage feels.
Tatva Chintan shares traded at a premium of Rs 700-750 in the grey market, the IPO Watch and IPO Central data showed. This resulted into a price of Rs 1,783-1,833 per share, higher by 65-69 percent over higher issue price band of Rs 1,083.
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