Emcure Pharma IPO receives strong response, subscribed 67.86 times on third bidding day; Issue oversubscribed, check GMP

Stock market investors have shown a powerful response to Emcure Pharmaceuticals Limited's initial public offering (IPO), with all three categories—Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII), and Retail Investors—displaying robust bidding figures on the third day of the offering.

According to data from the Bombay Stock Exchange (BSE) website, the Emcure Pharmaceuticals IPO was oversubscribed by a staggering 67.86 times, indicating a highly successful offering.

The initial public offering (IPO) has received an overwhelming response, with the Qualified Institutional Buyers (QIB) segment receiving 195.83 times subscriptions and the Non-Institutional Investors (NII) segment attracting 48.32 times subscriptions. According to BSE data, the Retail Individual Investors segment saw 7.21 times subscriptions, while the Employees Reserved segment subscribed 8.81 times. 

The response was strong on the second day of bidding but peaked on the third day, leading to a significant surge in subscription numbers.

Emcure Pharmaceuticals IPO Details:

The Pune-based pharmaceutical manufacturer conducts research, development, and marketing of pharmaceutical products internationally in many therapeutic areas. The offering has a price band of ₹960 to ₹1,008 per share, and the issue closed for public subscription on Friday, July 5.

The Bain Capital-backed pharmaceutical company said it raised ₹583 crore for the anchor investors, one day before its share-sale offer opened for public subscription.

The anchor round had investors such as Abu Dhabi Investment Authority, Goldman Sachs Asset Management, Nomura, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, SBI Life Insurance Company, Nippon India MF, and Abu Dhabi Mutual Fund.

The QIBs will receive 50 per cent of the issue size, the Retail investors 35 per cent, and the NIIs the remaining 15 per cent. Up to 1,08,900 equity shares have been reserved for the employee portion.

The book runners for the Emcure Pharma IPO are Axis Capital Limited, J.P. Morgan India Private Limited, Jefferies India Private Limited, and Kotak Mahindra Capital Company Limited.

Emcure Pharmaceuticals IPO GMP today:

Emcure Pharma's grey market premium (GMP) today is +350, as of July 5, according to data collected from investorgain.com. The GMP shows the investors' willingness to pay more for an issue.

The company's estimated listing price is ₹1,358 per share, an expected gain of 34.72 per cent compared to the issue price band of ₹1,008 per share.