Specialty Medicines IPO Sees 15% Booking on First Day: Examining Key IPO Details

Speciality Medicines IPO Update

Date: March 20, 2024

IPO Details:

• ₹29 crore public offering priced in the range of ₹117 to ₹124 per share
• Entirely a fresh issue of 0.24 crore shares with no offer for sale component
• Available for bidding till March 24

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Use of Funds:

• ₹12.68 crore for setting up an R&D centre
• ₹2.99 crore for product registration and sale in international markets
• ₹1.66 crore for marketing and promotional activities
• ₹8 crore to meet working capital needs
• Remaining funds for general corporate purposes

Subscription Status:

• As of 11:15 am, the IPO was subscribed 15% with bids for 3,56,000 shares against 23,50,000 shares on offer
• Retail portion subscribed 2%
• Non-institutional investor (NII) quota subscribed 27%
• Qualified institutional buyer (QIB) segment remained unsubscribed

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Grey Market Premium (GMP):

• ₹0 GMP, indicating shares trading at neither a premium nor a discount to the offer price
• Listing price could be the same as the offer price

Listing Date:

• Shares of Speciality Medicines to list on the BSE SME platform on March 30

About the Company:

• Engaged in marketing and distribution of finished formulations of specialty pharmaceutical products
• Operates through two integrated business models: contract manufacturing and marketing and distribution of specialty pharmaceutical products
• Products used in the treatment of complex and chronic medical conditions in therapeutic areas such as oncology, immunology, neurology, and rare diseases