Medicamen Organics, a company that manufactures and distributes various pharmaceutical products, launched its initial public offering (IPO) on 21 June. On the first day, the IPO was subscribed more than 40.25 times, showing strong investor interest.
Allocation of Shares
- Qualified Institutional Buyers (QIBs): 584,000 shares (18.84%)
- Non-Institutional Investors (NIIs): 440,000 shares (14.19%)
- Retail Individual Investors (RIIs): 1,028,000 shares (33.16%)
About Medicamen Organics
Medicamen Organics produces a variety of pharmaceutical forms, including tablets, capsules, syrups, ointments, and more. They supply both government and private clients, acting as a contract or third-party manufacturer.
IPO Subscription Status
On 21 June, the IPO received 8,95,20,000 applications for the 4,02,96,000 available shares. This resulted in the IPO being subscribed over 40.25 times on the first day, according to data from the NSE.
- Retail Category: 7,42,72,000 applications
- NII Portion: 1,46,56,000 applications
- QIB Portion: 5,92,000 applications
IPO Details
The Medicamen Organics IPO is a book-built issue worth ₹10.54 crore. It consists entirely of a fresh issue of 31 lakh shares. The IPO is open for subscription from 21 June 2024 to 25 June 2024.
- Price Range: ₹32 to ₹34 per share
- Minimum Investment: ₹136,000 for 4,000 shares
GYR Capital Advisors Private Limited is the lead manager for the IPO, with Kfin Technologies Limited as the registrar. Giriraj Stock Broking is the market maker for the IPO.
Grey Market Premium (GMP)
The current Grey Market Premium (GMP) for Medicamen Organics is +₹50. This means that in the grey market, the shares are trading at ₹50 above the issue price.
Given the IPO price range and the GMP, the shares are expected to list at around ₹84 each, which is 147.06% higher than the upper IPO price of ₹34. The GMP reflects investors’ willingness to pay more than the IPO price.
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