Tarsons rises and falls

Tarsons Products opened in the green today, up over 1.5% at Rs.633.30 and going up further to an intraday high at Rs.634.50, after which profit booking pushed it into red. Its 52-week high is at Rs.928.65, hit on 29th Nov’21, two days after it got listed.

The company informed that of the Rs.1024 crore collected via the IPO in Nov’21, it has used Rs.78 crore to repay debt, which is in line with one of its IPO objectives. This has brought down the net debt of the company substantially and will result in lower financing cost in FY22.

The remaining net proceeds of the primary issue are to be primarily used to fund the on-going expansion at Panchla, West Bengal as per the indicated deployment schedule.

The stock got listed last month at a price of Rs.700 v/s IPO price of Rs.662/share. It is currently quoted at 12% discount to IPO price.