Retail investors drive demand for Asston Pharmaceuticals IPO; GMP at 24%

Asston Pharmaceutical IPO was oversubscribed by 6.26 times, receiving bids for 10 million shares against 1.6 million shares on offer.

Asston Pharmaceuticals IPO Day 2 subscription status: The initial public offering (IPO) of healthcare products exporter Asston Pharmaceuticals has entered its second day of subscription. The issue has received a decent response from investors so far. As of 1:20 PM on July 10, it was oversubscribed by 6.26 times, receiving bids for 10 million shares against 1.6 million shares on offer.

 

The demand was driven by retail investors, who subscribed to their reserved portion 7.93 times. The non-institutional investors (NIIs) category was subscribed 6.06 times, while the qualified institutional buyers (QIBs) portion was subscribed 3.51 times.

Asston Pharmaceuticals IPO GMP today

The unlisted shares of Asston Pharmaceuticals were commanding a decent premium in the grey markets on Thursday. Sources tracking unofficial market activities revealed that the company's shares were quoted trading at around ₹153 per share, reflecting a grey market premium (GMP) of ₹30 or 24.4 per cent over the upper end of the issue price of ₹123.

Asston Pharmaceuticals IPO details

The SME offering, valued at around ₹2.56 crore, comprises an entirely fresh issue of 2.24 million equity shares. It does not have any offer for sale (OFS) component. Asston Pharmaceuticals IPO is available at a price band of ₹115 to ₹123 per share, and a lot size of 1,000 shares. Thus, the investors can bid for a minimum of 1,000 shares and in multiples thereof. A retail investor would require a minimum of ₹2,46,000 to bid for two lots or 2,000 shares of Asston Pharmaceuticals IPO.

Asston Pharmaceuticals IPO timeline

The public offering will remain available for subscription till Friday, July 11. Following that, the basis of allotment is expected to get finalised on Monday, July 14, with shares getting credited into demat accounts by Tuesday, July 15. 

 

Asston Pharmaceutical shares are slated to list on the BSE SME platform tentatively on Wednesday, July 16.

Asston Pharmaceuticals IPO registrar, lead manager

Maashitla Securities serves as the registrar for the issue of Asston Pharmaceuticals, while Sobhagya Capital Options acts as the sole book-running lead manager for the offering.

About Asston Pharmaceuticals

Asston Pharmaceuticals is engaged in the manufacturing and export of both pharmaceutical formulations and nutraceutical products in domestic and various African markets. The company manufactures tablets, capsules, oral liquid, external preparations, and oral powder, etc. The company also manufactures various pharmaceutical products for different marketers on loan license or on a contract manufacturing basis.