Sudeep Pharma IPO Subscribed 5x on Day 2

New Delhi, Nov 24 (PTI) The initial public offer of Sudeep Pharma Ltd received 5.09 times subscription on the second day of bidding on Monday.

The IPO received bids for 5,37,83,650 shares against 1,05,64,926 shares on offer, according to NSE data.

The category for non-institutional investors fetched 12 times subscription, while the quota for Retail Individual Investors (RIIs) got subscribed 4.96 times. The Qualified Institutional Buyers (QIBs) portion received 13 per cent subscription.

Sudeep Pharma on Thursday said it has mobilised Rs 268.5 crore from anchor investors.

The Rs 895 crore initial public offering (IPO) will conclude on Tuesday. The price band has been fixed at Rs 563-593 per equity share.

The IPO has a fresh issue of equity shares worth Rs 95 crore and an offer-for-sale of nearly 1.35 crore equity shares, aggregating to Rs 800 crore, by the promoters.

Proceeds from the fresh issue to the tune of Rs 75.81 crore will be used for capital expenditure towards the procurement of machinery for its production line located at the Nandesari Facility 1, Gujarat, and for general corporate purposes.

Sudeep Pharma is a technology-led manufacturer of excipients and speciality ingredients for the pharmaceutical, food, and nutrition industries, dedicated to contributing to the global healthcare ecosystem.