At 11:50 am, the issue received requests for 18.104.22.1682 shares against 32.61.882 shares in offer, ie a subscription of 8.56 times. Tatva Chintan Pharma Chem has already received offers worth Rs 149.99 crore from 22 major investors in the upper price range of Rs 1,083 per share.
Goldman Sachs, HSBC, Axis MF, Aditya Birla MF, Nippon Life AMC,
, Aberdeen, HDFC MF and Mirae Asset are some of the institutional investors who have invested in the Anchor Round.
Most analysts have advised investors to subscribe to the initial public offering (IPO) of Rs 500 crore. The issue price range has been set at Rs 1,073 to Rs 1,083 per share. Offers may relate to a minimum of 13 shares and in multiples thereafter.
The IPO includes new shares valued at Rs 225 crore and an offer for sale by promoters and shareholders valued at Rs 275 crore. The company will use the new Rs 225 crore share issue to fund its investment plans like the Dahej manufacturing plant and to modernize its Vadodara R&D facility.
“The company is raising the issue to a multiple PE of 42.06 based on the FY21 issue after issue. It is one of the world’s leading producers of a full line of PTC in India and the a leading producer across the world with a large customer base and strong future prospects. We recommend “subscribing” to this show for rating gain and long term goal, ”said Astha Jain from Hem Securities.
On the upper price range of Rs 1,083 and EPS of Rs 26.02 for fiscal 21, the P / E multiple stands at 41.6 times, which is a significant discount from the average of the sector of about 56 times.