Shelter Pharma to launch IPO on August 10, offer price at Rs 42 per share

Shelter Pharma to launch IPO on August 10

Gujarat-based Shelter Pharma will be opening its initial public issue on August 10, with an offer price of Rs 42 per share. It is a fixed price issue.

The herbal products manufacturer is planning to mop up Rs 16.03 crore via public issue of 38.16 lakh equity shares.

Of which, 1.92 lakh shares worth Rs 80.64 lakh are reserved for the market maker, while the remaining issue of 36.24 lakh shares is considered as a net issue.

Investors can bid for a minimum of 3,000 equity shares and in multiples of 3,000 shares thereafter. That means, the minimum and maximum application size for retail investor would be Rs 1.26 lakh (3,000 shares X issue price of Rs 42) as they are allowed to invest only up to Rs 2 lakh in IPO.

Shelter Pharma, which has built its presence in human pharma as well as veterinary space, will utilise issue proceeds mainly for its working capital requirements, besides general corporate purposes.

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With an in-house R&D efforts backed by sound knowledge of Ayurveda, Shelter has product portfolio of OTC products as well ethical pharma products.

The company, which is being promoted by Mustaqim Nisarahmed Sabugar and Shakil Nisarahmed Sabugar, sources its required raw material directly from farmers, with whom it has long established relationships.

The public issue will close on August 14. The basis of allotment of IPO shares will be finalised by August 21 and equity shares will be transferred to eligible investors by August 23.

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Unsuccessful investors will get refunds in their bank accounts by August 22.

Equity shares will be listed on the SME Platform of BSE, on August 24.

Gretex Corporate Services is the lead manager to the offer, while Bigshare Services is the registrar to the issue.