Entero Healthcare's Rs 1,600 cr IPO subscribed 10% on first day of offer

The initial share sale of healthcare products distributor Entero Healthcare Solutions received 10 per cent subscription on the first day of bidding on Friday.

The Rs 1,600 crore-Initial Public Offering (IPO) got bids for 6,89,678 shares against 71,50,100 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) got subscribed 45 per cent while the quota for non-institutional investors received 4 per cent subscription.

The IPO is a combination of fresh issue of up to Rs 1,000 crore and an Offer For Sale (OFS) of up to 47,69,475 equity shares, aggregating up to Rs 600 crore at the upper end of the price band.

Price range for the offer is Rs 1,195-1,258 a share.

Entero Healthcare Solutions has collected Rs 716 crore from anchor investors.

Proceeds from the fresh issue will be used towards payment of debt, funding working capital requirements, pursuing inorganic growth initiatives through acquisitions and general corporate purposes.

ICICI Securities, Dam Capital Advisors, Jefferies India, Jm Financial and SBI Capital Markets are the managers to the offer.