Tatva Chintan surges over 100% on day 1

Mumbai: Specialty chemical maker Tatva Chintan Pharma Chem made a strong debut on the exchanges on Thursday, listing at a 95% premium to the final IPO price of Rs 1,083 per share.

The stock debuted at Rs 2,111.8 on the BSE and extended gains during the day to touch a high of Rs 2,486.30, which is 130% above the issue price. The stock ended at Rs 2,310.25 on its debut day, up 113.32% from the IPO price.

Tatva Chintan's first-day pop is among the strongest listings that the market has seen of late. Recently, food delivery platform Zomato listed at a 51% premium to its IPO price. GR Infraprojects and Clean Energy listed 105% and 98% above their IPO prices, respectively.

Tatva Chintan's IPO enjoyed high interest on account of strong financials and product portfolio. The ₹500-crore IPO was subscribed over 180 times, with the quota reserved for qualified institutional buyers getting subscribed 185.23 times. The portion reserved for non-institutional investors and retail investors were subscribed 512.22 times and 35.35 times, respectively.

At the IPO price, Tatva Chintan commanded a price-to-earnings ratio of 41.62 times compared to listed peers Aarti Industries and Navin Fluorine which traded at 63 times and 61.4 times, respectively.