Shares of Emcure Pharmaceuticals will be listed on the bourses today after a fairly successful IPO. Bain Capital-backed Emcure Pharma has fixed the IPO price at ₹1,008, at the upper end of the price band of ₹960-1,008. The issue was subscribed 67.87 times.
Shivani Nyati, Head of Wealth, Swastika Investmart Ltd, said the stock is set for a stellar debut. The IPO has captivated investors, with a remarkable grey market premium (GMP) of ₹372, translating to a significant 36.9 per cent premium over the issue price.
Emcure Pharma hit the market with an IPO size of ₹1,952.03 crore—a fresh issue of 79 lakh shares worth ₹800 crore and an offer-for-sale (OFS) of 1.14 crore shares totaling ₹1,152.03 crore.
Namita Thapar, one of the pharma major’s promoters, sold over 12.68 lakh shares through OFS. Other promoters, Satish Ramanlal Mehta, Sunil Rajanikant Mehta and Samit Satish Mehta, offloaded part of their stake in the OFS. BC Investments IV Ltd, an affiliate of US-based PE major Bain Capital, was also among the shares in the OFS.
The quota reserved for QIBs was subscribed 195.83 times, non-institutional investors 48.32 times, retail investors 7.21 times and employees 8.81 times.
As part of its IPO, Emcure Pharma had raised over ₹582 crore from 48 anchor investors. The anchor book includes marquee investors such as HDFC MF, ICICI Pru MF, SBI MF, Abu Dhabi Investment Authority, Goldman Sachs Asset Management, Nomura, HDFC Life, ICICI Prudential Life, SBI Life, Birla MF, Kotak MF, Nippon MF, Mirae MF, IIFL and WhiteOak.
The pharmaceutical company plans to use the net proceeds to repay for the repayment and prepayment of all or part of certain outstanding borrowings and for general corporate purposes.
Incorporated in 1981, Emcure develops, manufactures, and markets pharmaceutical products. Operating 13 manufacturing facilities in India, the company has a market presence in more than 70 countries.