The initial public offering of Shelter Pharma has received good response from investors, getting subscribed 13.75 times till August 14, the final day of bidding, with it received bids for 5.25 crore equity shares against offer size of 38.16 lakh equity shares.
The retail portion, which is 50 percent of the net issue, was booked 22.28 times, while high networth individuals have bought 6.68 times the allotted quota, which is also the 50 percent of the net issue.
The herbal products maker intends to raise Rs 16.03 crore via the public issue, which comprises only a fresh issue of 38.16 lakh equity shares. The net issue is of 36.24 lakh shares, which excluded the market maker portion of 1.92 lakh shares.
It is a fixed price issue. Hence, the issue price for the offer, which was opened on August 10, has been fixed at Rs 42 per share.
Also read: TVS Supply Chain Solutions IPO final day | Issue subscribed 2.78 times
The Gujarat-based company, which primarily focuses on manufacturing herbal products in human pharma as well as veterinary space, is going to utilise fresh issue proceeds for its working capital requirements (Rs 14 crore), and general corporate purposes (Rs 0.87 crore).
The basis of allotment of IPO shares will get finalised by August 18 and the equity shares will be transferred to eligible investors by August 22. The unsuccessful investors will get refunds in their bank accounts by August 21.
Finally, its equity shares will started trading on the BSE SME with effect from August 23, as per IPO schedule.
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