Medicamen Organics share price made a stellar stock market debut on Friday as the stock was listed at ₹137.85 apiece on NSE SME, a premium of 305.44% to the issue price of ₹34 per share.
Medicamen Organics IPO listing was stronger than the market expectations. Medicamen Organics IPO GMP today ahead of the listing was ₹70 per share, indicating a listing premium of more than 205%.
The initial public offering (IPO) of pharmaceutical dosages manufacturer Medicamen Organics Ltd was launched on June 21 and the bidding ended on June 25. Medicamen Organics IPO allotment was fixed on June 26 and the listing date is June 28.
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Medicamen Organics IPO price band was set at ₹32 to ₹34 per share. At the upper-end of the price band, the company raised ₹10.54 crore from the book-built issue which was entirely a fresh issue of 31 lakh equity shares.
Medicamen Organics IPO saw a massive demand from investors across the board as the issue was subscribed by 993.56 times in total.
The public issue was subscribed 1,309.77 times in the retail category, 173.03 times in the Qualified Institutional Bidders (QIB) category, and 1,343.83 times in the Non-Institutional Investors (NII) category.
The company proposes to utilize the net issue proceeds for funding of expenses proposed to be incurred towards Product registration in the international markets, plant updation and increase in production capacity, funding working capital requirements and general corporate purposes.
GYR Capital Advisors Private Limited is the book running lead manager of the Medicamen Organics IPO, while Kfin Technologies is the IPO registrar.
