26 Nov , 2021 By : monika singh
NEW DELHI: Kolkata-based Tarsons Products on Friday made a decent market debut, as the scrip got listed at Rs 700 on BSE, a 5.74 per cent premium over its issue price of Rs 662. On NSE, the stock got listed at Rs 682, up 3.02 per cent.
Soon after listing, the scrip extended gains and was trading 21 per cent above the issue price at Rs 798.30 on the BSE at around 10.05 am.
That said, the listing gains were not as high as the grey market was suggesting a day ago, thanks to the selloff in the secondary market, following the discovery of a new Covid virus variant with several mutations.
Tarson Products shares were trading at a premium of Rs 175-180, which had suggested a 27 per cent listing pop today.
Tarsons is a leading life sciences company engaged in the designing, development, manufacturing and marketing of ‘consumables’, ‘reusables’ and ‘others’ including benchtop equipment, used in various laboratories across research organisations. It manufactures a range of quality labware products that helps advance scientific discovery and improve healthcare. As of June 30, it had a diversified product portfolio with over 1,700 SKUs across 300 products.
Its net sales have grown at a compound annual growth rate of 13 per cent from Rs 185 crore in FY19 to Rs 234 crore in FY21. Its net profit climbed from Rs 39 crore to Rs 69 crore during the same period aided by improved productivity and cost-saving. For FY21, the Ebitda margin of the capital-intensive business stood at 46 per cent, return on capital employed 35 per cent and the average return on equity 31 per cent.
The IPO life sciences company, which was sold from November 15 to November 17, was subscribed 77.49 times, amid huge interest from institutional investors. The Rs 1,023.84-crore IPO received bids for 84,02,81,684 shares against 1,08,44,104 shares on offer, as per NSE data.
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