Accretion Pharmaceuticals' initial public offering saw decent response from investors, subscribing 7.32 times on the final day of bidding, i.e. May 16. The issue was opened on May 14.
The pharmaceutical firm is raising Rs 29.75 crore via maiden public issue of 29.46 lakh shares at a price of Rs 101 per share. The price band for the book building issue was Rs 96-101 per share.
Investors have applied for 2 crore equity shares compared to the offer size of 27.34 lakh shares via 11,639 applications.
The company will finalise the IPO share allotment by May 19, and Accretion Pharmaceuticals shares will start trading on the NSE Emerge, effective May 21.
On May 13, a day before the issue opening for public subscription, the company raised Rs 2.13 crore by allotting 2.11 lakh shares to anchor investors at a price of Rs 101 per share.
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The Gujarat-based pharma company that seeks valuation of Rs 112 crore intends to utilise IPO funds for purchase of new equipment/ machineries, and upgradation of existing manufacturing facility. Further, the issue proceeds will be utilised for repaying debt, working capital requirements, and general corporate purpose.
Jawa Capital Services acted as the merchant banker for Accretion Pharmaceuticals IPO.
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