Life sciences company Tarsons Products on Wednesday said it has fixed a price band of Rs 635-662 a share for its Rs 1,024-crore initial share-sale.
The three-day initial public offering (IPO) will open on November 15 and conclude on November 17. The bidding for anchor investors will open on November 12, the company announced.
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.
At the upper end of the price band, the IPO is expected to fetch Rs 1,024 crore.
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
The public issue will include a reservation of 60,000 equity shares for employees.
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.
Proceeds to be used for paying off debt
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.
About the company
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.
The company currently operates through its five manufacturing facilities located in West Bengal.
(With PTI inputs)
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