Emcure Pharma shares make a strong D-St debut, stock lists at 31% premium

Shares of Emcure Pharmaceuticals made a strong Dalal Street debut on Wednesday as the stock was listed at Rs 1,325.05 on NSE, at a premium of 31.45 per cent over its issue price of Rs 1,008. Similarly, the stock was listed with the same premium at the same price on BSE as well.

 

However, the actual listing has been on the expected lines for the investors. Ahead of listing, shares of Emcure Pharma were commanding a grey market premium (GMP) of Rs 300 per share, suggesting a listing pop of around 30 per cent for the investors.

 

The IPO of Emcure Pharma was open for bidding July 03 and July 05. The Pune-based pharma company offered its shares in the price band of Rs 960-1,008 apiece with a lot size of 14 shares. The company raised Rs 1,952.03 crore via its primary offering, which included a fresh share sale of Rs 800 crore and an offer-for-sale (OFS) of up to 79,36,507 shares.

 

The issue was overall subscribed a solid 67.87 times. The quota for qualified institutional bidders (QIBs) was booked an astounding 195.83 times The quota for non-institutional investors was subscribed 48.32 times. The portions reserved for retail investors and employees saw bidding for 7.21 times and 8.81 times, respectively during the three-day bidding process.

 

Emcure Pharma, incorporated in 1981, is a homegrown pharmaceutical company which develops, manufactures, and globally markets a wide range of pharmaceutical products across several major therapeutic areas. The company has 13 manufacturing facilities across pan India.

 

Axis Capital, Kotak Mahindra Capital, JP Morgan India and Jefferies India were the book running lead managers of the Emcure Pharma IPO, while Link Intime India was the registrar for the issue.


 

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