New Delhi: The initial public offering (IPO) of Supriya Lifescience Ltd. -- which opened for subscription December 16 -- received a strong response from retail investors on the final day of bidding. The initial share sale on Monday attracted bids for 45.54 crore equity shares against the IPO size of 1.45 crore shares, subscribed 31.35 times.
As of 2:48 pm, retail individual investors' portion was oversubscribed 47.30 times, and non-institutional investors' category was subscribed 66.73 times.
About 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
The price band for the public offer has been kept at Rs 265-274 a share. Investors can bid for a minimum of 54 equity shares and in multiples thereof.
Supriya Lifescience had raised Rs 315 crore from anchor investors. BNP Paribas Arbitrage, Societe Generale, Reliance General Insurance Company, Aditya Birla Sun Life Insurance Company, Kuber India Fund, Saint Capital Fund and Nippon India Mutual Fund are among the anchor investors.
The IPO comprises fresh issue of equity shares worth Rs 200 crore and an offer for sale (OFS) of up to Rs 500 crore by its promoter Satish Waman Wagh.
Currently, the promoter holds 99.26 per cent stake in the company and promoter group owns 0.72 per cent.
Proceeds from the fresh issue will be used for funding capital expenditure requirements, repay debt and general corporate purpose.
Supriya Lifescience is one of the key Indian manufacturers and suppliers of active pharmaceuticals ingredients (APIs), with a focus on research and development.
ICICI Securities and Axis Capital are the book running lead managers to the public issue.