Orchid Pharma OFS subscribed 2.5x; India Pesticides IPO 3.8x on Day 2

The share sale by promoters of Orchid Pharma saw 2.5 times more demand than shares on offer. The 3.28 million share offering garnered bids for 8.32 million shares from institutional investors. Most of the bids came in at Rs 432, data provided by BSE showed. The floor price for the share sale was set Rs 375. At a discount of more than 70 per cent to the stock’s previous day’s close of Rs 1,320.

Shares of Orchid Pharma hit 10 per cent lower limit to end at Rs 1,188 on Thursday. Promoter Dhanuka Laboratories’ holding in the company is currently