Supriya Lifescience IPO subscribed 5.69 times on Day 2 of offer

The initial share sale of Supriya Lifescience Limited received 5.69 times subscription on the second day of offer on Friday.

The initial public offer (IPO) received bids for 8,27,05,698 shares against 1,45,28,299 shares on offer, as per NSE data.

The category for Retail Individual Investor (RIIs) was subscribed 25.38 times, while non-institutional investors received 2.90 times subscription, and Qualified Institutional Buyers (QIBs) 53 per cent.

The initial public offer of Supriya Lifescience was fully subscribed within a few hours of opening for subscription on Thursday on the back of a strong response from retail investors.

The initial public offer has a fresh issue of up to Rs 200 crore and an offer-for-sale of up to Rs 500 crore.

Price range for the offer is at Rs 265-274 per share.

On Wednesday, the company raised Rs 315 crore from anchor investors.

The proceeds from the fresh issue will be used for funding capital expenditure requirements, debt repayment, and general corporate purposes.

Supriya Lifescience is one of the key Indian manufacturers and suppliers of active pharmaceutical ingredients, with a focus on research and development.

ICICI Securities and Axis Capital are the managers to the offer.