Emcure Pharma IPO day 3: Issue subscribed 38x so far, QIBs roar

The price band for the public issue is set at Rs 960-1,008 per share.

Emcure Pharmaceuticals' public issue continues to witness major investor interest just hours before it closes on the final day of bidding on July 5, driven by qualified institutional buyers (QIBs) The Rs 1,952.03-crore public offer was subscribed nearly 38 times, with bids for 51.96 crore shares as against the 1.37 crore shares on offer.

The IPO of the pharma company includes a fresh issuance of shares worth Rs 800 crore and an offer-for-sale (OFS) of 1.14 crore shares valued at Rs 1,152.03 crore by existing shareholders, including promoters Satish Ramanlal Mehta, Sunil Rajanikant Mehta, Namita Vikas Thapar, and Samit Satish Mehta.

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QIBs led the bidding, subscribing a massive 92.94 times their allotted quota, while non-institutional investors picked up 42.57 times the reserved portion. Employees of Emcure Pharmaceuticals showed significant interest, placing bids 7.9 times their allotted quota while retail investors bought 6.33 times.

Brokerages have positively viewed Emcure Pharma's IPO, considering the public offer fairly priced compared to listed peers. Sixteen brokerages have recommended investors to subscribe to the issue.

Prior to the public offer going live, Emcure Pharmaceuticals raised Rs 582.6 crore through an anchor book. Prominent global investors such as Abu Dhabi Investment Authority, Goldman Sachs, and Morgan Stanley acquired shares worth over Rs 71 crore from the anchor book.

Additionally, several mutual fund houses, including SBI, HDFC, ICICI Prudential, Whiteoak Capital, Aditya Birla Sun Life Trustee, Axis, Kotak, Nippon Life India, Mirae, Franklin India, UTI, Canara Robeco, and Motilal Oswal, participated in the anchor book.

Other notable investors included HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, SBI Life Insurance Company, Amundi Funds, Neuberger Berman Emerging Markets Equity Fund, The Prudential Assurance Company, Bajaj Allianz Life Insurance Company, and Max Life Insurance Company.

The price band for the public issue is set at Rs 960-1,008 per share.

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