Sunrest Lifescience stock made a muted debut, listing at the IPO price on November 20. The stock opened at Rs 84 against the issue price of Rs 84 on NSE SME platform. Within minutes, the stock plunged over 4 percent to Rs 80.5.
Ahead of the listing, the stock was trading at a 6 percent premium to the issue price in the grey market, which is an unofficial ecosystem where shares start trading much before the allotment and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price.
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The issue received a decent response from investors and was subscribed 48 times. Retail investors remained at the forefront, buying 65 times while Non-institutional buyers booked 29 times their allotted quota.
The price for the issue, which opened on November 7 and closed on November 9, was fixed at Rs 84 per share. The company raised Rs 10.85 crore via the IPO. The offer was entirely a fresh issue of 12.91 lakh shares and there was no offer-for-sale component. Sunrest Lifescience will use the proceeds to meet working capital requirements and the remaining fund will be utilized for general corporate purposes.
Mark Corporate Advisors Private Limited was the book-running lead manager, Skyline Financial Services Private was the registrar and Svcm Securities was the market-maker for the issue. The promoters of the company are Nikhilkumar Y Thakkar, Amitbhai Shambhulal Thakkar, Bhagyesh Kiritbhai Parekh and Bharatkumar V Thakkar.
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Sunrest Lifescience offers a diverse range of healthcare and personal care products. The company gets its products manufactured by third parties. It has 43 third-party manufacturers across Gujarat, Punjab, Maharashtra, Haryana, Himachal Pradesh, Uttarakhand and Madhya Pradesh.
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