Emcure Pharmaceuticals listing: Shares debut with decent gains of 31% over IPO price on both NSE, BSE
On expected lines, after garnering strong investor interest, shares of the pharma major listing with decent gains of over 31 per cent.
Bain-Capital backed Emcure Pharmaceuticals debuted with decent listing gains on the exchanges as against the IPO price of Rs 1,008 per share. On both the NSE and BSE, shares of the pharma major started trade at Rs 1,325.05, a healthy gain of 31.45 per cent in comparison to the IPO price
Overall, the issue garnered a strong response with total subscription of 67.87 times, led by strong interest from QIBs which booked 195.83 times the available quota.
Meanwhile, the subscription rate by retail and NII categories was at 7.21x and 48.32x, respectively.
The issue ran between July 3 and July 5 comprised fresh equity issuance worth Rs 800 crore and an OFS of 1.14 crore shares by promoters and other shareholders. At the upper end of the price band, the company looked to raise Rs 1,952 crore.
Ahead of the launch of the issue, the pharma company mopped up Rs 582 crore from anchor investors including HDFC MF, ICICI Pru MF, SBI MF, Abu Dhabi Investment Authority, Goldman Sachs Asset Management, Nomura and HDFC Life among others.
The company intends to deploy the proceeds from the fresh issue towards debt payment and for general corporate purposes.
Emcure Pharmaceuticals, headquartered in Pune, is among the leading Indian pharmaceutical companies, engaged in developing, manufacturing, and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. It is a research and development-driven company with a differentiated product portfolio that includes orals, injectables, and biotherapeutics.
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