Speciality Medicines IPO Listing: Shares of Speciality Medicines, a pharma company, listed on the BSE SME platform at par with the (IPO) price of ₹124 on Monday, March 30.
Soon after listing, Speciality Medicines’ share price rose to ₹129.50, recording a 4.4% rise against the offer and listing price. The listing was in line with expectations as the (GMP) was nil, suggesting a flattish debut for Speciality Medicines shares.
As of 10.40 am, Speciality Medicines’ stock price was trading 2.42% higher at ₹127 apiece.
Speciality Medicines IPO details
The IPO of Speciality Medicines, open for bidding from March 20 to March 24, was booked 2.27 times as it garnered bids for 49,87,000 shares as against 22,00,000 shares on offer. The qualified institutional buyer (QIB) segment was booked a whopping 96.24 times, while the non-institutional investor (NII) quota received 1.88 times bids.
The individual investor portion remained undersubscribed at 0.85 times, signalling tepid interest from the retailers.
was a book-built issue of ₹29 crore, consisting entirely of a fresh issue of 0.24 crore shares. Investors could apply for the SME IPO in the price band of ₹11 to ₹124 apiece in lots of 1000 shares. For a retail investor, the minimum investment requirement was ₹2,48,000 as they needed to apply for at least two lots.
The company plans to use the funds raised for setting up an R&D centre, product development for sale in the international market, funding marketing and promotional activities, funding working capital needs and for general corporate purposes.
Unistone Capital acted as the book-running lead manager, and Skyline Financial Services was the registrar of the issue.
About the company
Speciality Medicines is engaged in the business of marketing and distribution of finished formulations of specialty pharmaceutical products, comprising high-cost oral and injectable medications used in the treatment of complex and chronic medical conditions in therapeutic areas such as oncology, immunology, neurology, and rare diseases.
The company operates through two integrated business models: Manufacturing, on a contract manufacturing basis, approved finished formulations and distributing them internationally; and marketing and distribution of specialty pharmaceutical products sourced from manufacturers.