Syncom Healthcare IPO subscribed 5 times on NIIs support

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Syncom Healthcare IPO subscribed 5 times on NIIs support

Indore based Syncom Healthcare's public issue of 75,00,000 equity shares has received good response from investors on the last day of subscription. It has been subscribed 5.17 times, as per the data available on the NSE website.

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Indore based Syncom Healthcare's public issue of 75,00,000 equity shares has received good response from investors on the last day of subscription. It has been subscribed 5.17 times, as per the data available on the NSE website.

The strong support was seen from non-institutional investors; their reserved portion subscribed 16.6 times followed by retail with 6.25 times. Qualified institutional investors' portion got subscribed nearly 1 time.

The company plans to raise Rs 48.75-56.25 crore with the price band of Rs 65-75 per equity share from this issue. The issue constituted 42.86% of the fully diluted post issue paid up capital of the company. The issue was opened on January 27.

The company is in the business of manufacturing, marketing and distribution of pharmaceutical formulations under own brands of Ethical, OTC, Generic and Herbal market segment.
 
The proceeds from the issue will be used for setting up new manufuring unit at Indore SEZ for various pharmaceuticals formulations; undertaking the upgradation/modernization of manufacturing facilities at Dehradun Plant; working capital requirements; setting up an export office at Mumbai and undertaking Brand & Product Registration and Approval.

For its Dehradun Plant, it has 100% central excise exemption for a period of 10 year from the year of commencement of production, and 100% income tax exemption for first 5 years from first assessment year; 30% for subsequent 5 years and MAT is payable by the company but is eligible for set off.

The book running lead manager to the issue is Chartered Capital and Investment Ltd and Link Intime India Pvt Ltd is the registrar.