Emcure Pharmaceuticals IPO subscription details on day 2

4 Jul 2024 , 12:26 PM

Emcure Pharmaceuticals Ltd’s IPO, opened on July 3. The ₹1,952-Crore IPO closes on July 5 and has received an overall subscription of 2.48 times at the time of writing on July 4, 2024 at 12:18 pm, on the second day. The IPO price band is set at ₹960-₹1,008 per share.

Non-institutional investors subscribed 5.93 times; retail individual investors (RIIs) subscribed 2.32 times, and qualified institutional buyers (QIBs) got 0.08 times subscription so far.

Emcure Pharmaceuticals raised ₹583 Crore from anchor investors a day before the IPO. Namit Thapar, executive director and Shark Tank judge, is offloading shares worth ₹128 Crore through the IPO. IPO allotment will be on July 8, with shares likely listing on BSE and NSE on July 10. Anchor investor bidding opened on July 2. The minimum application is 14 equity shares, making the minimum investment ₹14,112 at the upper price band.

The IPO includes fresh equity shares worth ₹800 Crore and an Offer For Sale (OFS) of 1.14 Crore shares worth ₹1,152 Crore by promoters and existing shareholders.

Sellers in the OFS include promoter Satish Mehta and investor BC Investments IV Ltd, linked to Bain Capital. Satish Mehta holds a 41.85% stake, and BC Investments owns 13.07%. Proceeds from the fresh issue will be used for debt repayment and general corporate purposes.108,900 equity shares are reserved for employees. 50% of the issue is reserved for QIBs, 35% for retail investors, and 15% for non-institutional investors.

Emcure Pharmaceuticals develops, manufactures, and markets pharmaceutical products globally across major therapeutic areas. Kotak Mahindra Capital Company, Jefferies India, Axis Capital, and JP Morgan India manage the IPO. Shares are expected to be listed on BSE and NSE on July 10.