Sudeep Pharma IPO Sees Massive Over-Subscription on Closing Day

Sudeep Pharma's initial public offering was subscribed 93.71 times on the final day, raising Rs 895 crore. With significant interest from Qualified Institutional Buyers and retail investors, the IPO included a fresh issue of Rs 95 crore and an offer-for-sale for Rs 800 crore, supporting capital and corporate initiatives.

The initial public offering (IPO) of Sudeep Pharma Ltd wrapped up on a high note, as it was oversubscribed by 93.71 times on its final day, according to NSE data released Tuesday.

The enthusiastic bidding process saw the Rs 895-crore IPO receiving bids for 99,00,87,025 shares compared to the 1,05,64,926 shares available. Among the varied investor categories, Qualified Institutional Buyers (QIBs) displayed tremendous interest, subscribing 213.08 times, while non-institutional investors bought 116.72 times. Retail Individual Investors (RIIs) also participated actively with 15.65 times subscription.

Funds to support Sudeep Pharma's growth were secured, with Rs 268.5 crore already mobilized from anchor investors. With a price band of Rs 563-593 per share, the IPO aimed to raise Rs 95 crore through a fresh issue, while offering-for-sale accounted for Rs 800 crore. The raised capital will support machinery acquisition for the Nandesari Facility 1 production line in Gujarat, vital for the company's operations in pharmaceutical, food, and nutrition sectors.

(With inputs from agencies.)