New Delhi: Leading life sciences company Tarsons Products on Friday said it had raised Rs 306 crore from anchor investors ahead of its initial share-sale that opens for public subscription on Monday. The company has decided to allocate a total of 46,21,757 equity shares to 32 anchor investors at Rs 662 apiece, aggregating the transaction size to Rs 305.96 crore, according to a circular uploaded on the BSE website.
Monetary Authority of Singapore, Government of Singapore, Abu Dhabi Investment Authority, ICICI Prudential Mutual Fund (MF), Sundaram MF, Aditya Birla Sun Life MF, Edelweiss MF and Reliance General Insurance Company are among the anchor investors.
The initial share-sale comprises fresh issuance of equity shares worth Rs 150 crore and an offer for sale (OFS) of 1.32 crore equity shares by promoters and an investor.
As a part of the OFS, promoters — Sanjive Sehgal will offload up to 3.9 lakh equity shares and Rohan Sehgal will sell up to 3.1 lakh equity shares– and investor Clear Vision Investment Holdings Pte Ltd will divest up to 1.25 crore equity shares.
The issue, with a price band of Rs 635-662 a share will open on November 15 and conclude on November 17.
At the upper end of the price band, the IPO is expected to fetch Rs 1,024 crore.
The public issue will include a reservation of 60,000 equity shares for employees.
The proceeds from the fresh issue will be utilised towards paying debt, funding a part of the capital expenditure for the new manufacturing facility at Panchla in West Bengal and general corporate purposes.
Half of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors, while 35 per cent has been set aside for retail investors.
Investors can bid for a minimum of 22 shares and in multiple thereof.
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, pharmaceutical firms, diagnostics companies and hospitals.
It manufactures a range of quality labware products that help advance scientific discovery and improve healthcare.
The company currently operates through its five manufacturing facilities located in West Bengal.
ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are the book running lead managers to the issue. The equity shares will be listed on BSE and NSE.
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