Gujarat-based Accretion Pharmaceuticals has decided to hit the Dalal Street with its maiden public issue on May 14. The last day to subscribe to the said issue will be May 16.
The company aims to mop up Rs 29.75 crore via initial public offering (IPO) of 29.46 lakh shares at a price of Rs 101 per share. It is a fixed price issue.
The IPO share allotment will be finalised by the end of May 19, whlie the participants can start trading in Accretion Pharmaceuticals shares on the NSE Emerge, effective May 21.
With a manufacturing facility in Sanand, Gujarat, the pharmaceutical company intends to utilise IPO proceeds for purchase of new equipment/machineries, upgradation of existing manufacturing facility, and repaying debt.
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Further, the funds will also be used for working capital requirements, and general corporate purpose. As of December 2024, it had a total debt of Rs 13.8 crore.
Jawa Capital Services is appointed as the merchant banker for Accretion Pharmaceuticals IPO.
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