India’s Tarsons Products raises $41.2m from anchor investors
By Vinu Lal
07:07, 15 November 2021
Indian life sciences firm Tarsons Products raised INR3.06bn ($41.15m) from 32 anchor investors ahead of its initial share sale to the public which opened today, according to a regulatory update.
The West Bengal-based company allotted 4.62 million shares at the upper price band of INR662 per share. Earlier on 10 November, Tarsons Products had fixed a price band of INR635-INR662 a share for its INR10.24bn ($138m) initial public offering (IPO) to the public.
First Sentier Investors subscribed to 9.80%, Nippon Life India Trustee invested in lieu of an 8.99% of the anchor investor portion and the government of Singapore with an 8.66% share were among the top investors, according to the release published on 12 November.
Pinebridge Global Funds (7.57%), Abu Dhabi Investment Authority (7.57%), Mirae Asset Healthcare Fund (7.57%) and Aditya Birla Sun Life Trustee (5.36%) were among the other investors in the company.
Fresh issue and offer for sale
Tarsons Products is a labware firm engaged in the designing, development, manufacturing and marketing of consumables, reusables and others. These include benchtop equipment used in various laboratories, academic institutes, pharmaceutical companies, diagnostic companies and hospitals.
Tarsons Products’ IPO comprises a fresh issue of up to INR1.5bn and an offer for sale (OFS) of up to 13.2 million shares by existing investors in the company, according to the company’s Red Herring Prospectus or final papers filed with the domestic market regulator Securities and Exchange Board of India.
Existing investors in the company including Sanjive Sehgal (390,000 shares), Rohan Sehgal (310,000 shares) and Clear Vision Investment Holdings (12.50 million shares) would be tendering shares through the offer. The offer includes a reservation of up to 60,000 shares for employees.
ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are managers to the issue. The firm proposes to list the shares after the IPO on both BSE and National Stock Exchange.
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