Pharmaceutical products distributor Mono Pharmacare is going to launch its initial public offering on August 28, with a price band of Rs 26-28 per share.
This would be the 12th public issue from the SME segment in the month of August 2023.
The Ahmedabad-based company plans to raise Rs 14.84 crore via IPO, at the upper price band. The offer comprises only a fresh issue of 53 lakh shares which is 30 percent of the total post-issue paid-up equity.
Of the total issue, 2.76 lakh shares will be reserved for subscription by market makers to the issue. The issue less the market maker reservation portion is the net issue of 50.24 lakh shares.
It is a book-building issue. 10 percent of the net offer size is reserved for qualified institutional buyers, and 45 percent each for high networth individuals (HNIs) and retail investors.
The funds will be used mainly for working capital requirements amounting to Rs 8.98 crore, and the remaining for general corporate purposes and issue expenses.
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Investors can bid for a minimum of 4,000 equity shares and in multiples of 4,000 shares thereafter. Retail investors can make an application for only 4,000 shares worth Rs 1.12 lakh at an upper price band as they are allowed to invest up to Rs 2 lakh in the IPO.
Promoters Panilam Lakhatariya, and Supal Lakhatariya hold 81.03 percent stake in the pharmacare company, and the rest is held by public shareholders.
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The offer will close on August 30. The listing of equity shares on the NSE SME will take place on September 7.
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