The shares of Medistep Healthcare made a decent debut on stock markets on August 18, listing at Rs 53 apiece on the NSE Emerge platform. This marks a premium of 23.36 over the IPO price of Rs 43 apiece.
The listing premium is higher than the grey market estimates. Ahead of listing, the unlisted shares of the company were trading with a grey market premium (GMP) of nearly 19 percent over the IPO price at Rs 51 per share, according to data on Investorgain.
The Gujarat-based pharmaceuticals products trader had moved to the capital markets to raise Rs 16.1 crore through an entirely fresh issue of 37.44 lakh shares. The company set the price for its maiden public issue at Rs 43 per share. Investors could bid for a minimum of 3,000 shares, requiring a minimum investment of Rs 1.29 lakh per lot, and in multiples thereafter.
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At the given listing price, one lot of shares would be worth Rs 1.59 lakh. This implies a notational profit of Rs 30,000 per lot for the allotted investors.
The IPO proceeds will be utilised mainly for purchasing new plant and machineries for expansion at existing manufacturing facility and working capital requirements and the rest will be used for general corporate purposes, according to the company's IPO papers.
The manufacturing of sanitary pad and energy powder business contributed 26.5 percent to its revenue in FY25, while trading & distribution of pharmaceutical, nutraceutical, surgical and intimate care products accounted for 73.5 percent of business.
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