Emcure Pharmaceuticals Raises Rs 582.6 Crore from Institutional Investors

3 Jul 2024 , 09:33 AM

Pune-based Emcure Pharmaceuticals has raised ₹582.6 Crore through an anchor book launched on July 2, a day before its issue opening on July 3. The issue will close on July 5.

Marquee Global Investors Participation

Notable global investors such as the Abu Dhabi Investment Authority, Goldman Sachs, and Morgan Stanley acquired shares worth over ₹71 Crore from the anchor book.

Allocation Details

The pharmaceutical company informed exchanges that it finalized the allocation of 57,79,850 equity shares to anchor investors at ₹1,008 per equity share. Several mutual fund houses, including SBI, HDFC, ICICI Prudential, Whiteoak Capital, Aditya Birla Sun Life Trustee, Axis, Kotak, Nippon Life India, Mirae, Franklin India, UTI, Canara Robeco, and Motilal Oswal, also participated in the anchor book.

“Out of the total allocation of 57,79,850 equity shares to anchor investors, 28,15,962 shares (i.e., 48.72% of the total allocation to anchor investors) were allocated to 16 domestic mutual funds through a total of 29 schemes,” Emcure stated in its filing to exchanges.

Additional Institutional Investors

In addition to mutual funds, prominent insurance companies such as HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, SBI Life Insurance Company, Bajaj Allianz Life Insurance Company, and Max Life Insurance Company also invested in Emcure. Other investors included Amundi Funds, Neuberger Berman Emerging Markets Equity Fund, and The Prudential Assurance Company.

IPO Details

Emcure Pharmaceuticals aims to raise ₹1,952.03 Crore through its initial public offering (IPO), which consists of a fresh issuance of shares worth ₹800 Crore and an offer-for-sale (OFS) of 1.14 Crore shares worth ₹1,152.03 Crore by existing shareholders. Prominent shareholders participating in the OFS include promoters Satish Ramanlal Mehta, Sunil Rajanikant Mehta, Namita Vikas Thapar, and Samit Satish Mehta.

The price band for the public issue has been set at ₹960-1,008 per share. The company has reserved 1,08,900 equity shares for its employees, who will receive these shares at a discount of ₹90 per share to the final issue price.

Kotak Mahindra Capital Company, Axis Capital, Jefferies India, and JP Morgan India are acting as the book-running lead managers for the issue.