Emcure Pharma IPO GMP rises on share allotment day, indicating healthy listing
IPO of Emcure Pharmaceuticals, the shares of the company are commanding a healthy premium of Rs 360 in the unlisted market.
Considering the upper price band of Rs 960, the stock is expected to list at a premium of 37% if the current trends sustain. The company has finalised the share allotment today and listing date is fixed as July 10.
However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly.
The issue, which was a mix of fresh equity sale and offer for sale (OFS), was subscribed over nearly 68 times, driven by strong interest from non-institutional investors.
Ahead of the issue opening, the company raised Rs 582 crore from anchor investors. Marquee investors who participated in the anchor round include HDFC MF, ICICI Pru MF, SBI MF, Abu Dhabi Investment Authority, Goldman Sachs Asset Management, Nomura, HDFC Life among others.
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The company proposes to use the net proceeds from the fresh issue to be used towards payment of debt and for general corporate purposes.
Pune-based firm Emcure Pharmaceuticals is engaged in developing, manufacturing, and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
The research and development driven company with a differentiated product portfolio that includes orals, injectables and biotherapeutics with
