Tatva Chintan shares off to flying start; close with over 113 pc premium in debut trade

Shares of specialty chemical manufacturing company Tatva Chintan Pharma Chem, which made a bumper debut on Thursday, closed the day with a premium of over 113 per cent against the issue price of Rs 1,083.Earlier in the day, the stock made its debut at Rs 2,111.80, zooming 94.99 per cent from the issue price on the BSE.

Shares of specialty chemical manufacturing company Tatva Chintan Pharma Chem, which made a bumper debut on Thursday, closed the day with a premium of over 113 per cent against the issue price of Rs 1,083.

Earlier in the day, the stock made its debut at Rs 2,111.80, zooming 94.99 per cent from the issue price on the BSE. It then hit the day's high of Rs 2,486.30, rallying 129.57 per cent. The stock closed at Rs 2,310.25, a gain of 113.31 per cent.

On the NSE, the stock listed at Rs 2,111.85, registering a massive gain of 95 per cent. It closed the trade with a jump of 112.67 per cent at Rs 2,303.30.

The company's market valuation was at Rs 5,120.68 crore on the BSE.

In traded volume terms, 8.99 lakh shares were traded at the BSE and over 78.60 lakh units at the NSE during the day.

The Rs 500-crore initial public offer of Tatva Chintan Pharma Chem received a strong investor response, with the issue getting subscribed by a whopping 180.36 times last week.

Its price range was at Rs 1,073-1,083 per share.

The Vadodara-based firm is a specialty chemical manufacturing company. The company exports most of its products to over 25 countries, including the US, China, Germany, Japan, South Africa, and the UK.