New Delhi: Life sciences company Tarson Products opened on a positive note in the stock markets on Friday, with its shares listed at a premium of nearly 6 per cent over its issue price. Tarsons is the 52nd firm to be listed on the mainboard in 2021.
Shares of the Kolkata-based company opened at Rs 700 on the BSE, while the opening price on the National Stock Exchange (NSE) was Rs 682. The share price touched a high of Rs 832 in intra-day trade.
The company’s first IPO got a strong subscription of 77.49 times. Non-institutional investors had bought shares at 184.58 times their assigned stake and qualified institutional investors bid 115.77 times their quota. The portion set aside for retail investors was subscribed 10.56 times and employees 1.83 times.
It has raised Rs 1,023.47 crore through its public offer, which was made up of a fresh issue of Rs 149.63 crore and an offer for sale of Rs 873.84 crore by promoters and investor Clear Vision Investment Holdings.
The proceeds of the new issue after issue expenses will be used to meet debt and capital expenditure for its new manufacturing unit at Panchala, West Bengal. The price band of this offer was Rs 635-662 per equity share.
Tarson manufactures a wide variety of labware products used in research organizations, academic institutions, pharmaceutical firms, clinical laboratories, and hospitals. It supplies products to more than 40 countries in both developed and emerging markets, accounting for 33 percent of its revenue from operations in FY2011.
The company posted a consolidated profit of Rs 68.87 crore on revenue of Rs 228.91 crore in FY11, however, on a quarterly basis, its consolidated profit stood at Rs 24.83 crore on revenue of Rs 69.15 crore in the quarter ended June 2021.
Tarson Products is an Indian labware company that started its operations in 1983. It is engaged in the design, development, manufacturing and marketing of consumables, reusable and others including benchtop equipment used in laboratories in research organizations, educational institutions, pharmaceutical firms. Contract research organizations, clinical companies and hospitals. The company also manufactures a range of quality labware products that help advance scientific discovery and improve healthcare. It has a diversified product portfolio with over 1,700 Stock-Keeping Units (SKUs) across 300 products.