The initial public offer (IPO) of Emcure Pharmaceuticals received 92,96,71,610 bids for shares as against 1,37,03,538 shares on offer, according to stock exchange data at 17:30 IST on Friday (5 July 2024). The issue was subscribed 67.84 times. The issue opened for bidding on Wednesday (3 July 2024) and it will close on Friday (5 July 2024). The price band of the IPO is fixed at Rs 960 to 1,008 per share. An investor can bid for a minimum of 14 equity shares and in multiples thereof. The IPO comprises fresh issue of equity shares worth up to Rs 800 crore and an offer for sale (OFS) of 1,14,28,839 equity shares, aggregating up to Rs 1,152.03 crore by the existing shareholders. The objectives of the fresh issue include Rs 600 crore for repayment and prepayment of certain outstanding borrowings. The remaining amount is to be used for general corporate purposes. The promoters and promoter group hold an aggregate 83% of the pre-offer issued and paid-up equity share capital. The post-IPO shareholding is expected to be around 78%. Ahead of the IPO, Emcure Pharmaceuticals on Tuesday, 2 July 2024, raised Rs 582.60 crore from anchor investors. The board allotted 57.79 lakh shares at Rs 1,008 each to 48 anchor investors. Incorporated in 1981, Emcure is an Indian pharmaceutical company developing, manufacturing, and marketing worldwide a diverse range of pharmaceutical products across several therapeutic areas. Emcure has established presence in major therapeutic areas including gynecology, cardiovascular, vitamins, minerals and nutrients, HIV antivirals, blood-related and oncology and anti-neoplastics. The firm reported a net profit of Rs 498.18 crore and sales of Rs 6,658.25 crore for the twelve months ended on 31 March 2024 Powered by Capital Market - Live News
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