Zenith Drugs IPO subscribed 2.12 times on Day 2. Check GMP and other details
The category reserved for retail investors was subscribed 6 times, while that for NIIs was booked 80%.
In the unlisted market, the company's shares are trading at a premium of Rs 15.
The IPO is an entirely fresh equity issue of 51.4 lakh shares, and through the issue the company aims to raise Rs 40.6 crore.
The company is offering its shares at Rs 75-79 apiece, and investors can bid for 1,600 shares in one lot.
About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.
The net proceeds from the public offer will be used for the purchase of machinery and for setting up a new plant, for existing manufacturing block upgradation, to meet working capital requirements and for general corporate purposes.
Zenith is a reputable pharmaceutical manufacturing unit. With a diverse portfolio of formulations, it offers a wide range of medicines to meet the needs of patients.
Currently, the company has FDA approval for over 600 products. Out of 600 products, 325 products are being manufactured regularly.
The Indian pharmaceutical industry is currently ranked third in production by volume after evolving, over time, into a thriving industry growing at a CAGR of 9.43% for the past nine years.
For the period ended October 2023, the company clocked revenues of Rs 69.48 crore and a net profit of Rs 5.4 crore.
Gretex Corporate Services is the book-running lead manager of the IPO, while Bigshare Services is the registrar. The final
