Emcure Pharmaceuticals Limited, supported by Namita Thapar, launched subscriptions for its initial public offering (IPO) on Wednesday with the goal of raising Rs1,952.03 crore.
The IPO consists of an offer for sale (OFS) of 1.14 crore equity shares, valued at Rs 1,152 crore at the top end of the price range, made by founders and current shareholders, as well as a new issuance of equity shares worth Rs 800 crore.
Emcure Pharmaceuticals declared on Tuesday that anchor investors had contributed Rs. 583 crore to the company. A circular on the BSE website states that 48 funds have been given 57.8 lakh equity shares by Emcure at a price of Rs 1,008 per, for a total transaction value of Rs 582.6 crore.
The public subscription period for the IPO will run from July 3 to July 5. The price range for each share is Rs 960 to Rs 1,008 per share. Following the minimum of 14 shares, investors may bid in multiples of 14 shares.
Is it appropriate for you to subscribe?
Brokerage reports for Emcure Pharmaceuticals' initial public offering (IPO) show a solid consensus among different companies, with the majority suggesting subscription.
Long-term subscriptions are advised by Anand Rathi, Canara Bank Securities, Hensex Securities, SBI Securities, Marwadi Financial, Mastertrust, and Swastika Investmart. Without mentioning a term, BP Wealth, Deven Choksey, Geojit, Nirmal Bang, Reliance Securities, Ventura Securities, and Stoxbox advise subscribing.
Mehta Equities likewise encourages long-term subscriptions, although Sushil Finance advises medium-to long-term subscriptions. An optimistic forecast for the IPO is reflected in the unanimous recommendation.
Details of the IPO
Prominent investors including Abu Dhabi Investment Authority, Goldman Sachs Asset Management, Nomura, HDFC Mutual Fund, ICICI Prudential MF, SBI MF, Nippon India MF, and HDFC Life Insurance Company are among those in the anchor book for the Emcure Pharma initial public offering (IPO).
Among those selling shares in the OFS are promoter Satish Mehta and investor BC Investments IV Ltd, a subsidiary of US-based private equity company Bain Capital.
At the moment, BC Investments has 13.07% ownership in the business, while Satish Mehta owns 41.85%. The proceeds from the new issuance will be used to repay debt and for general company purposes.
