Emcure Pharmaceuticals, supported by Bain Capital, has secured over ₹582 crore from anchor investors just before its initial public offering (IPO) begins. This announcement was made on Tuesday.
According to the company’s statement, 57,79,850 shares were sold to 48 anchor investors at ₹1,008 per share.
“The IPO Committee of the Board of Directors, in consultation with the Book Running Lead Managers, allocated 57,79,850 Equity Shares to Anchor Investors at ₹1,008 per Equity Share (including a premium of ₹998 per share) in their meeting held on 2nd July 2024,” the company disclosed.
The anchor investors include major names such as HDFC MF, ICICI Pru MF, SBI MF, Abu Dhabi Investment Authority, Goldman Sachs Asset Management, Nomura, HDFC Life, ICICI Pru Life, SBI Life, Birla MF, Kotak MF, Nippon MF, Mirae MF, and IIFL WhiteOak.
Out of the total allocation, 28,15,962 shares (about 48.72% of the total) were distributed to 16 domestic mutual funds through 29 schemes.
Emcure Pharmaceuticals IPO Details
Emcure Pharmaceuticals’ mainboard IPO is set to open for subscription on Wednesday, 3rd July 2024. The IPO aims to raise ₹1,952.03 crore through a book-built issue, which includes a fresh issue of shares worth ₹800 crore and an offer for sale (OFS) of shares worth ₹1,152.03 crore.
Investors can apply for the IPO with a minimum lot size of 14 shares, and they can place bids in multiples of 14 shares. The floor price is set at 96 times the face value of the shares, while the cap price is 100.80 times the face value.
The company plans to use the funds from the IPO to repay or prepay some of its borrowings and for general corporate purposes.
In the grey market, Emcure Pharmaceuticals’ shares were trading at a premium of ₹285, indicating a positive sentiment among investors.
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