Emcure Pharma IPO Receives 67.87 Times Subscription on Final Day of Offer

The initial share sale received bids for 92,99,97,390 shares against 1,37,03,538 shares on offer, as per NSE data.
Emcure Pharma IPO Receives 67.87 Times Subscription on Final Day of Offer

The initial public offering (IPO) of Bain Capital-backed Emcure Pharmaceuticals Ltd received 67.87 times subscription on the final day of the offer on Friday amid encouraging participation from institutional buyers.

The initial share sale received bids for 92,99,97,390 shares against 1,37,03,538 shares on offer, as per NSE data.

The category for qualified institutional buyers (QIBs) subscribed 195.83 times while non-institutional investors part got subscribed 48.32 times, and the quota for retail individual investors (RIIs) received 7.21 times subscription.

The company has fixed the price band of Rs 960-1,008 per share for the IPO.

The IPO comprises fresh issuance of equity shares worth Rs 800 crore and an offer of sale (OFS) of 1.14 crore equity shares worth Rs 1,152 crore at the upper end of the price band by promoters and existing shareholders.

This aggregates the total public size to Rs 1,952 crore.

Those selling shares in the OFS include promoter Satish Mehta and investor BC Investments IV Ltd, an affiliate of US-based private equity major Bain Capital.

Currently, Satish Mehta holds a 41.85 per cent stake in the company, and BC Investments owns a 13.07 per cent stake.

Read: India's Top 18 States to See Revenue Growth of 8-10% This Fiscal: CRISIL

Proceeds of the fresh issue will be used towards payment of debt and for general corporate purposes.

Emcure Pharmaceuticals on Tuesday said it has garnered Rs 583 crore from anchor investors.

Pune-based firm Emcure Pharmaceuticals is engaged in developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.

Kotak Mahindra Capital Company, Jefferies India, Axis Capital and JP Morgan India are book-running lead managers to the issue.

The company's shares will be listed on the BSE and NSE.

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