Labware manufacturer Tarsons Products files DRHP for IPO

Tarsons Products Ltd has filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering (IPO). The initial share sale of the life sciences company comprises fresh issuance of equity shares worth Rs 150 crore and an offer for sale of 1.32 crore equity shares by promoters and an investor, as per the draft red herring prospectus (DRHP).

Promoters Sanjive Sehgal and Rohan Sehgal will offload up to 3.9 lakh equity shares and 3.1 lakh equity shares as part of the OFS. Investor Clear Vision Investment Holdings Pte Ltd will divest up to 1.25 crore equity shares

There will also be a reservation for employees.

Proceeds from the fresh issue will be used to pay debt, fund a part of the capital expenditure for the new manufacturing facility at Panchla in West Bengal, and general corporate purposes.

The company manufactures a range of labware products. It is engaged in designing, developing, manufacturing and supplying a diverse range of labware products used across research organisations, academic institutes, pharmaceutical firms, diagnostics companies, and hospitals.

The labware company has five manufacturing facilities in West Bengal.

ICICI Securities, Edelweiss Financial Services, and SBI Capital Markets have been appointed as merchant bakers to advise the company on its IPO.

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