Sudeep Pharma's IPO Sees Strong Demand with 5.09x Subscription

Sudeep Pharma Ltd's IPO received strong demand, being oversubscribed 5.09 times by the second day. The offering, valued at Rs 895 crore, includes a fresh issue and an offer-for-sale. Proceeds will fund machinery procurement and corporate purposes, enhancing their role in pharmaceuticals, food, and nutrition industries.

Sudeep Pharma Ltd's initial public offering (IPO) has garnered significant interest, with a 5.09 times subscription by the second day of bidding.

The company's IPO, valued at Rs 895 crore, features bids for 5,37,83,650 shares against the offered 1,05,64,926 shares, according to NSE data. Non-institutional investors subscribed 12 times, while retail individual investors subscribed 4.96 times. Qualified Institutional Buyers saw a 13 percent subscription rate.

Sudeep Pharma has raised Rs 268.5 crore from anchor investors. The proceeds from the fresh issue, approximately Rs 75.81 crore, will be allocated for capital expenditure at its Nandesari Facility 1 in Gujarat and for general corporate use.

(With inputs from agencies.)