Nureca's Rs 100 crore three-day share sale via initial public offering (IPO), which opened for subscription on February 15, Monday, was oversubscribed on the first day of the issue, according to book building details on the National Stock Exchange. Nureca saw huge demand of its shares as it received over 80 lakh bids for 14 lakh shares on the offer, translating to the issue being subscribed nearly six times.
According to bidding details, Nureca's shares were seen in huge demand by the retail investors as the portion reserved for retail investors was subscribed nearly 18 times. While the portion reserved for qualified institutional bidders, was not subscribed on the first day of the issue.
Nureca IPO saw 60,97,840 bids for its shares at the cut-off price, according to details on the NSE.
The public offer of Nureca, which owns the Dr Trust brand, will remain open for three day until Wednesday i.e. February 18, 2021. The shares, which are being offered in the price band of Rs 396-400, are set to be listed on the BSE and NSE exchanges.
Bids can be placed for a minimum one lot of 35 equity shares and a maximum of 14 lots, or 490 shares. A total of up to 75 per cent of the issue is reserved for qualified institutional buyers, up to 10 per cent for retail investors and the rest 15 per cent for the non-institutional category. The company employees are being offered a discount of Rs 20 per share.
Nureca will utilise the share proceeds to fund its incremental working capital requirements and for general corporate purposes.
Nureca is a home healthcare and wellness products company that sells products through its own website and online channel partners such as e-commerce players, distributors and retailers. It also sells products through its website, drtrust.in.