Mukul Agrawal buys stake in this underperforming IPO, sends stock soaring

Shares of Tatva Chintan Pharma Chem Ltd., soared as much as 12% on Friday, July 18, after the latest shareholding pattern disclosed the name of a marquee investor.

The latest shareholding pattern for the June quarter showed that veteran investor Mukul Agrawal has acquired a 1.28% stake in the company during the April - June period.

Agrawal's name does not feature in the company's shareholding pattern at the end of the March quarter.

At the end of the June quarter, promoters of Tatva Chintan Pharma had a 72% stake in the company.

Among other public shareholders, India's domestic mutual funds have marginally trimmed their stake in the company, bringing it down to 5.07% in June from 5.34% in March. ICICI Prudential has trimmed that stake, which now stands at 1.79% from 2.03% earlier.

Goldman Sachs, via the Goldman Sachs India Equity Portfolio continues to hold a 2.59% stake in Tatva Chintan, at the end of the June quarter.

The number of retail shareholders, or those with authorised share capital of ₹2 lakh, stood at 73,930, down from 75,486. Their stake though, remains constant at close to 15%.

Tatva Chintan Pharma has been an underperformer since its listing. Having made its stock market debut in July 2021, the stock had an IPO price of ₹1,083 per share, and despite the 13.5% surge seen on Friday, it remains below that price. Friday's surge has taken the stock's year-to-date surge to 23%.