New Delhi:Shares of Tarsons Products opened Friday at a 5.76% premium over their offer price, joining a slew of domestic companies that had a strong market debut in 2021.
Tarsons Products debuted at Rs 700 on the BSE index, compared to the offer price of Rs 662. The stock opened at Rs 682 on the NSE platform.
Shortly after the opening, the stock jumped over 20% to an intraday high of Rs 808.
The Indian laboratory equipment company’s initial public offering (IPO) was subscribed 77.49 times last week, driven mainly by strong interest from retail investors.
The Rs 1,023.84 crore IPO had received bids for 84 02 81 684 shares against 1,08 44 104 shares on offer, according to NSE data.
The IPO consisted of a new issue of up to Rs 150 crore and a sale offer of up to 1,3200,000 shares.
The Non-Institutional Investors (NII) category for the Tarsons Products IPO was subscribed 184.58 times. Qualified Institutional Buyers (QIBs) were subscribed 115.77 times, while Retail Investors (RIIs) were subscribed 10.56 times.
“The current Covid-19 pandemic has provided a huge boost to companies engaged in scientific research and improving health systems. Tarsons Products enjoys the status of one of the most preferred suppliers in the plastic laboratory equipment space, ”a registered investment advisor by SEBI INDmoney said in a report.
Tarsons Products is engaged in the design, development, manufacture and supply of a diverse line of quality laboratory products used in the laboratories of research organizations, academic institutes and pharmaceutical companies, among others.