Considering the upper price band of Rs 960, the stock is expected to list at a premium of 37% if the current trends sustain. The company has finalised the share allotment today and listing date is fixed as July 10.
However, it is important to note that grey market premiums are just an indicator as to how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
The issue, which was a mix of fresh equity sale and offer for sale (OFS), was subscribed over nearly 68 times, driven by strong interest from non-institutional investors.
Ahead of the issue opening, the company raised Rs 582 crore from anchor investors. Marquee investors who participated in the anchor round include HDFC MF, ICICI Pru MF, SBI MF, Abu Dhabi Investment Authority, Goldman Sachs Asset Management, Nomura, HDFC Life among others.Also Read: Ganesh Green Bharat IPO booked over 35x on Day 2; Effwa Infra’s issue subscribed nearly 38xThe company proposes to use the net proceeds from the fresh issue to be used towards payment of debt and for general corporate purposes.Pune-based firm Emcure Pharmaceuticals is engaged in developing, manufacturing, and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
The research and development driven company with a differentiated product portfolio that includes orals, injectables and biotherapeutics with target markets across over 70 countries including presence in India, Europe and Canada.
The global pharmaceutical market is expected to sustain growth at a compound annual growth rate of approximately 5.0% to 5.5% between the calendar years 2023 and 2028, to reach approximately $1,900 billion (approximately Rs 157 lakh crore) to $1,950 billion (about Rs 161 trillion) in the calendar year 2028.
In FY24, the company’s revenue from operations grew 11% year-on-year to Rs 6,658 crore from Rs 5,985 crore in the preceding financial year. Meanwhile, profit after tax declined 6% year-on-year to Rs 527 crore from Rs 562 crore a year earlier.
Kotak Mahindra Capital Company, Jefferies India, Axis Capital, and JP Morgan India are the book-running lead managers to the issue.
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