Sudeep Pharma's IPO Fully Subscribed On The First Day Of Share Sale, Non-Institutional Investors Fetch 3 Times The Subscription

New Delhi: The initial public offer of Sudeep Pharma Ltd got fully subscribed on the first day of share sale on Friday.The IPO received bids for 1,50,09,425 shares, as against 1,05,64,926 shares on offer, translating into 1.42 times subscription, as per NSE data.

The category for non-institutional investors fetched 3 times the subscription, while the quota for Retail Individual Investors (RIIs) got subscribed 1.50 times. The portion for Qualified Institutional Buyers (QIBs) attracted 9 per cent subscription.

Sudeep Pharma on Thursday said it has mobilised Rs 268.5 crore from anchor investors.The Rs 895 crore initial public offering (IPO) will conclude on November 25. The price band has been fixed at Rs 563-593 per equity share.The IPO comprises a fresh issue of equity shares worth Rs 95 crore and an offer-for-sale of nearly 1.35 crore equity shares, aggregating to Rs 800 crore, by the promoters.

Proceeds from the fresh issue to the tune of Rs 75.81 crore will be used for capital expenditure towards the procurement of machinery for its production line located at the Nandesari Facility 1, Gujarat, and for general corporate purposes.Sudeep Pharma is a technology-led manufacturer of excipients and speciality ingredients for the pharmaceutical, food, and nutrition industries, dedicated to contributing to the global healthcare ecosystem.

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