Tatva Chintan Pharma’s IPO subscribed 180 times

Mumbai: The ₹500-crore initial public offer (IPO) of Tatva Chintan Pharma Chem was subscribed 180 times on Tuesday, the last day of the offer. The issue received 32.44 lakh applications, the second highest in the Indian primary market history after Reliance Power IPO in 2008. The ₹9,375-crore IPO of food delivery aggregator Zomato last week received 32 lakh applications.

This is the second-best IPO so far this year in terms of investor demand. Earlier in March, the ₹596-crore IPO of MTAR Technologies was subscribed 201 times.

In the Tatva Chintan IPO, the portion reserved for non-institutional investors or high net worth individuals was subscribed 512 times. The retail investor category saw bids for 35 times the shares set aside for them.


The qualified institutional buyers’ segment was subscribed 185 times. The issue attracted bids for 58.83 crore shares, 180 times the issue size of 32.62 lakh shares.

The IPO of Gujarat-based specialty chemical company was priced in the band of ₹1,073-1,083 a share.