The initial public offering (IPO) of Emcure Pharmaceutical Ltd continued to witness strong investor response on the second day of the bidding process. The issue was fully booked on the first day itself. As per BSE data available on Thursday, investors placed their bids for 6,82,10,940 equity shares, or 4.98 times, compared to 1,37,03,538 equity shares offered for subscription. The three-day bidding will conclude on July 5 (Friday).
The category for retail investors was subscribed 3.43 times, while the quota reserved for non-institutional investors saw a subscription of 13.67 times. The portion set aside for employees attracted 4.83x bids, while the qualified institutional bidders (QIBs) quota was booked 1x.
The Pune-based Emcure Pharmaceuticals is selling its shares in the price band of Rs 960-1,008 apiece. Investors can apply for a minimum of 14 shares and its multiples thereafter.
It is looking to raise Rs 1,952.03 crore via IPO, which includes a fresh share sale of Rs 800 crore and an offer-for-sale (OFS) of 1,14,28,839 equity shares.
Emcure has reserved 1,08,900 shares for employees, who will get a discount of Rs 90 per share. It has reserved 50 per cent of the issue for the QIBs, while NIIs have 15 per cent of the total offer. The remaining 35 per cent of the net offer is for retail investors.
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In the grey market, Emcure Pharma shares were last seen trading at a premium of 34.23 per cent against its issue price of Rs 1,008 (upper price band).
Emcure Pharma has raised Rs 582.6 crore via an anchor book as it allocated 57,79,850 shares to anchor investors at Rs 1,008 apiece. It reported a net profit of Rs 527.58 crore with a revenue of Rs 6,715.24 crore in the financial year 2023-24 (FY24). Net profit was Rs 561.85 crore and revenue came at Rs 6,031.72 crore during FY23.
Axis Capital, Kotak Mahindra Capital, JP Morgan India and Jefferies India are the book-running lead managers of the IPO, while Link Intime India is the registrar for the issue. Shares of the company will be listed on both BSE and NSE with July 10 set as the tentative listing date.
Incorporated in 1981, Emcure Pharma is a homegrown pharmaceutical company which develops, manufactures, and globally markets a wide range of pharmaceutical products across several major therapeutic areas. It has 13 manufacturing facilities in India.