Sudeep Pharma makes positive D-St debut; lists at 23% premium on bourses

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Sudeep Pharma listing, Sudeep Pharma share price: Pharmaceutical excipients manufacturer Sudeep Pharma made a solid debut on the Dalal Street in an otherwise rangebound market. The company's shares opened at ₹730 on the NSE, a premium of ₹137 or 23 per cent from the issue price of ₹593. 

 

On the BSE, Sudeep Pharma shares opened at ₹733.95, a premium of ₹140.95 or 23.8 per cent. Post-listing, the stock was trading almost flat on the bourses.

 

Sudeep Pharma market debut was in-line with the grey market estimates. Ahead of the listing, Sudeep Pharma’s unlisted shares were quoted at around ₹714 in the grey market. This suggested a grey market premium (GMP) of ₹121, or approximately 21 per cent, over the issue price, according to sources tracking unofficial market activity.  

Sudeep Pharma IPO subscription rate

According to National Stock Exchange (NSE) data, Sudeep Pharma IPO received an overwhelming response from investors, with overall subscription reaching 93.72 times. Investors placed bids for 990.1 million equity shares against the 10.56 million shares on offer. Qualified Institutional Buyers (QIBs) led the demand, oversubscribing their allotted quota by 213.08 times. The retail investors segment was subscribed 15.65 times, while the Non-Institutional Investors (NIIs) portion received 116.72 times bids compared to the shares reserved.

Sudeep Pharma IPO details

Sudeep Pharma successfully raised ₹895 crore through its initial public offering, which comprised a fresh issue of 1.6 million equity shares and an offer for sale (OFS) of 13.5 million equity shares. 

 

The IPO was offered in the price band of ₹563 to ₹593 per share, with a minimum application lot of 25 shares. The issue was open for subscription from November 21 to November 25. The allotment of shares was finalised on Wednesday, November 25.

 

ICICI Securities and IIFL Capital Services are the book-running lead managers for the issue, while MUFG Intime India Private Limited is the registrar. 

 

According to the RHP, proceeds from the fresh issue will be deployed toward capital expenditure, including machinery for the Nandesari facility, and general corporate purposes.