Poly Medicure jumps on successfully raising funds via QIP issue

Poly Medicure rose 2.25% to Rs 665 after the company successfully raised Rs 400 crore through qualified institutional placement (QIP) route.

Poly Medicure's QIP committee approved allotment of 76,33,587 equity shares to eligible qualified institutional buyers at the issue price of Rs 524 per equity share, aggregating to Rs 400 crore. The QIP issue opened on 15 February 2021 and closed on 18 February 2021.

Allottees who were issued more than 5% of the total equity shares offered in the qualified institutions placement (QIP) are SMALLCAP World Fund (27.25%), Lighthouse India III Equity Investors (15.50%), UTI Mutual Fund (12.61%), Max Life Insurance Company (10%), Abu Dhabi Investment Authority (9.60%) and Ashoka India Opportunities Fund (5.95%).

Poly Medicure proposes to utilize the net proceeds for funding suitable organic and inorganic growth opportunities, ongoing capital expenditure, other long term and short terms requirements, pre-payment and/or repayment of outstanding borrowings, general corporate purpose, or any other purposes, as may be permissible under applicable law and approved by the board.

Poly Medicure exports plastic medical disposables/surgical devices. It manufactures and supplies approximately 100 types of disposable medical devices in the product verticals of infusion therapy, anesthesia, urology, gastroenterology, blood management and blood collection, surgery and wound drainage, dialysis and central venous access catheters

The company's consolidated net profit rose 41.13% to Rs 35.31 crore on a 12.79% increase in net sales to Rs 203.51 crore in Q3 FY21 over Q3 FY20.

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