Mono Pharmacare, a pharmaceutical company, had a quiet debut on September 7, opening at Rs 29 on the NSE Emerge, up 3.57 percent from the issue price of Rs 28. It soon hit the 5 percent upper circuit to be locked at Rs 30.45.
The company is engaged in the business of marketing and distributing pharmaceutical products. It works with various contract manufacturers, who make pharmaceutical products based on compositions given by the company, and sells those products under the brand DLS Export.
The company raised Rs 15 crore through the initial public offering that closed August 30. The net proceeds from the public offer are to be used to meet working capital requirements and other general corporate purposes, the company said in its draft prospectus.
The issue was subscribed 13.42 times, with retail investors bidding 19.40 times their allocated quota of shares.
As on February 28, 2023, the company was dealing with (distributors and stockists) 168 pharmaceutical companies and was also connected with 3,036 customers/vendors, a mix of retail pharmacy stores as well as wholesalers. It does business only in the western region of Gujarat, particularly in Ahmedabad city.
Its product portfolio comprises a range of drugs like antibiotics, antifungal, anti-cough cold, antiallergic, analgesics and nutraceuticals.
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