The initial public offering of Saroja Pharma Industries India was subscribed to 77 percent on August 31, the first day of bidding, receiving bids for 8.35 lakh equity shares against offer size of 10.84 lakh shares.
Retail investors have bought shares 1.52 times the reserved portion, and high networth individuals have bid 10 percent shares of the portion set aside for them.
The Mumbai-based pharmaceutical products trader is planning to raise Rs 9.11 crore from the public issue of 10,84,800 equity shares. The offer comprises only a fresh issue by the company.
It has reserved 54,400 equity shares of the public issue for the market maker, and of the remaining 10,30,400 shares, the 50 percent portion - 5,15,200 shares - is reserved for retail investors and another 50 percent for high net-worth individuals.
It is a fixed-price issue, closing on September 5. The offer price is Rs 84 per share.
Saroja Pharma, which deals in trading and third-party distribution of pharmaceutical finished formulations & products, will utilise issue proceeds for setting up API (active pharmaceutical ingredient) manufacturing unit (Rs 7.05 crore) and repaying debts of Rs 1,75 crore. The remaining Rs 31.35 lakh will be used for issue expenses.
Also read: Jupiter Life Line IPO to open on September 6; closes on September 8
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