Emcure Pharmaceuticals' IPO Fully Subscribed Amid Robust Institutional Interest

Emcure Pharmaceuticals' IPO saw significant interest, getting subscribed 1.32 times on the first day. The company aims to raise Rs 1,952 crore, with proceeds earmarked for debt repayment and corporate purposes. The IPO will be open until July 5, offering shares in a price band of Rs 960 to Rs 1,008.

Emcure Pharmaceuticals Ltd, backed by Bain Capital, witnessed strong initial interest in its initial public offering (IPO), which was fully subscribed by 1.32 times on the opening day. Institutional investors played a pivotal role in the positive response.

Data from the National Stock Exchange (NSE) revealed that the IPO received bids for 1,80,25,840 shares compared to 1,37,03,538 shares on offer. Non-institutional investors subscribed 2.70 times, while retail individual investors (RIIs) marked a 1.39 times subscription. Qualified institutional buyers (QIBs) subscribed to 7 per cent of their allotted quota.

The IPO, featuring a price band ranging from Rs 960 to Rs 1,008 per share, will remain open for public subscription until July 5. With fresh equity shares worth Rs 800 crore and a sale (OFS) of 1.14 crore equity shares valued at Rs 1,152 crore by promoters and existing shareholders, the total IPO size aggregates to Rs 1,952 crore.

Notably, promoter Satish Mehta and investor BC Investments IV Ltd, an affiliate of Bain Capital, are among those selling shares in the OFS. Currently, Mehta holds a 41.85 per cent stake in Emcure Pharmaceuticals, with BC Investments owning a 13.07 per cent stake. The funds raised are intended for debt repayment and general corporate purposes.

On the eve of the IPO, the Pune-based pharmaceutical firm raised Rs 583 crore from anchor investors. Emcure Pharmaceuticals specializes in developing, manufacturing, and marketing a wide range of pharmaceutical products globally across various therapeutic areas.

Kotak Mahindra Capital Company, Jefferies India, Axis Capital, and JP Morgan India are the lead managers for the issue, and the company's equity shares will list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)