The basis of allotment for shares of Tatva Chintan is likely to be finalised by Monday, July 26. The shares of the company are expected to list on Thursday, July 29.
Last heard, the scrip was commanding a premium of Rs 1,050-1,070 in the grey market. The premium for the company has been constantly rising. Most analysts advise investors to subscribe to the issue.
The Rs 500 crore issue, which was sold in Rs 1,073-Rs 1,083 price band, received a robust investor response, and was subscribed over 180 times.
The quota reserved for qualified institutional buyers (QIBs) was subscribed 185.23 times, while the one reserved for non-institutional investors (NIIs) by 512.22 times. The retail quota was subscribed 35.35 times.
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.
At the issue price, Tatva Chintan is demanding a PE of 41.62 times with a market cap of Rs 24,00.47 crore, while its peers – Aarti Industries and – are trading at a PE of 59.54x and 73.95x, respectively.
Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:
- Visit https://www.bseindia.com/investors/appli_check.aspx
- Under the issue type, click Equity
- Under the issue name, select Tatva Chintan Pharma Chem Limited in the dropbox
- Type down your application number
- Add PAN card numbers
- Click on ‘I am not a Robot’ and hit submit.
You can also check the allotment status on the online portal of Link Intime India Private Limited (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications, and carries out the allotment process as per the prospectus.
The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatch, and uploading of refunds, and attending to all investor-related queries after the issue is completed.
- Go to the web portal of Link Intime India Private Limited
- Select the IPO in dropbox whose name will be populated only if the allotment is finalised
- You may be required to select either one of the three modes: Application number, Client ID or PAN ID
- In application type, select between ASBA and non-ASBA
- Enter the details of the mode you selected in Step 2
- For security purposes, fill the captcha accurately
- Hit submit.
Bidders who could not get allotment in the IPO may see initialisation of refunds on Wednesday. Shares would be credited into the demat accounts of successful applicants by Thursday.
In its IPO note, Marwadi Shares and Finance said, “We recommend to ‘subscribe’ this IPO as it is a niche global player in speciality chemicals with SDAs in centre stage, having a globally renowned clients list and reasonable valuation as compared to its listed peers.”
Yash Gupta, Equity Research Associate, Angel Broking, also had a positive outlook towards the IPO.
