New Delhi: Shares of Tarsons Products opened at a 5.76 per cent premium to their offer price on Friday, joining a slew of domestic companies that have seen stellar market debuts 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.
Soon after the opening, the stock surged more than 20 per cent to hit an intraday high of Rs 808.
The initial public offer (IPO) of the Indian labware company, was subscribed 77.49 times last week, buoyed mainly by a lot of interest shown in it by 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, as per NSE data.
The IPO consisted of a fresh issue of up to Rs 150 crore and an offer for sale of up to 1,32,00,000 equity shares.
The non-institutional investors category (NII) for Tarsons Products IPO was subscribed 184.58 times. Qualified institutional buyers (QIBs) was subscribed 115.77 times, while retail individual investors (RIIs) was subscribed 10.56 times.
“The ongoing Covid-19 pandemic has provided a huge fillip to the companies engaged in scientific research and improvement of healthcare systems. Tarsons Products enjoys the status of being one of the most preferred vendors in the plastic labware space,” SEBI-registered investment advisor INDmoney said in a report.
Tarsons Products is engaged in designing, developing, manufacturing and supplying a diverse range of quality labware products used in laboratories across research organisations, academic institutes and pharmaceutical firms, among others.