Syncom Healthcare fixes issue price at Rs 75

Pharma firm Syncom Healthcare has fixed the price of its Rs 56.25 crore initial public offer at Rs 75 a piece.

The company had entered the primary market with an issue size of 75 lakh shares in the price band of Rs 65 -75 per equity share of Rs 10 each.

The offer constitutes 42.86 per cent of the fully diluted post issue paid up capital of the company, Syncom Healthcare said in a public announcement today.

The issue, which was open between January 27-29, got subscribed 5.17 times.

The IPO proceeds would be utilised to part finance the company's plan to set up a new manufacturing unit to produce formulations at the Indore Special Economic Zone.

Besides, funds will be utilised to upgrade and modernise the company's manufacturing unit at Dehradun in Uttaranchal at a cost of Rs 6.62 crore.

Chartered Capital & Investment is the sole book running lead manager to the issue.

Syncom is engaged in marketing and manufacturing of drugs and formulations. The equity shares are proposed to be listed on the Bombay Stock Exchanger and the National Stock Exchange.