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Nureca IPO ends with strong subscription

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The issue received bids for 5.59 crore shares as against 14.01 lakh shares on offer.

The initial public offer (IPO) of Nureca received bids for 5.59 crore shares as against 14.01 lakh shares on offer, according to the stock exchange data. The issue was subscribed 39.93 times.

The retail individual investors category was subscribed 166.65 times. The non-institutional investors category was subscribed 31.59 times. The qualified institutional buyers (QIBs) category was subscribed 3.10 times.

The issue opened for bidding on Monday, 15 February 2021, and closed on Wednesday, 17 February 2021. The price band for the IPO was set at Rs 396-400 per share.

The IPO comprised of public issue of equity shares aggregating to Rs 100 crore (including anchor portion of 11,13,750 equity shares).

The net proceeds of the fresh issue are proposed to be utilized towards funding incremental working capital requirements of the company and general corporate purposes.

Ahead of the IPO, the company on 12 February 2021 allotted 11.13 lakh shares to anchor investors at Rs 400 per share, aggregating to Rs 44.55 crore.

Nureca recorded net profit of Rs 36.18 crore and total income of Rs 122.15 crore in the six months ended on 30 September 2020.

Nureca is a B2C company engaged in the business of home healthcare and wellness products. The company has a diversified product portfolio, which primarily caters to home healthcare sector. The company has most of the product lines supporting home health market in India, making it a one-stop solution provider. The company enables its customers with tools to help them monitor chronic ailments and other diseases, to improve their lifestyle.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, February 18 2021. 16:53 IST
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