The initial public offering (IPO) of Bain Capital-backed Emcure Pharmaceuticals Ltd is set to open for subscription today and will close on Friday. The price band of the issue is ₹960-1008. The IPO size is ₹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 totalling ₹1,152.03 crore. The minimum lot size for an application is 14 shares.
Namita Thapar, one of the pharma major’s promoters, will sell over 12.68 lakh shares through the offer-for-sale (OFS). Other promoters, Satish Ramanlal Mehta, Sunil Rajanikant Mehta, and Samit Satish Mehta, will also offload part of their stake in the OFS. BC Investments IV Ltd, an affiliate of US-based private equity major Bain Capital, will also sell shares in the OFS.
The retail investors’ quota is 35 per cent, QIB 50 per cent, and HNI (non-institutional investors) 15 per cent..
On Tuesday, Bain Capital-backed Emcure Pharmaceuticals, raised over ₹582 crore from 48 anchor investors by allotting 57,79,850 shares at ₹1,008 a share. 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 for the repayment and/ or prepayment of all or part of certain outstanding borrowings and for general corporate purposes
The company has appointed Axis Capital Ltd, JP Morgan India Pvt Ltd, Jefferies India Private Ltd, and Kotak Mahindra Capital Company Ltd as the book-running lead managers for the IPO. Link Intime India Private Ltd is the public issue’s registrar.
Incorporated in 1981, Emcure is engaged in developing, manufacturing, and marketing pharmaceutical products. Operating 13 manufacturing facilities in India, the company has a market presence in more than 70 countries. Emcure Pharma claims to be the third largest pharmaceutical player in the gynaecology and human immunodeficiency virus (HIV) antiviral therapeutic segments in India.