New Delhi, Nov 25 The grey market premium (GMP) of Sudeep Pharma’s IPO has fallen even as the issue entered its final day of public bidding on Tuesday.
The GMP, which indicates investor willingness to pay more than the issue price, has slipped to around 14 per cent from over 20 per cent reported two days ago.
Despite the decline in grey market sentiment, the IPO has received bids for 8.64 crore shares against an offer size of nearly 1.06 crore shares, according to NSE data available at 11 am.
The non-institutional investor category has subscribed more than 22 times, while retail investors have placed bids nearly seven times their allotted quota.
The qualified institutional buyer segment has seen a subscription of around 16 per cent.
According to market trackers Investorgain and IPO Watch, the current GMP stands between 14 per cent and 14.33 per cent over the upper price band of Rs 593 per share.
The premium is expected to fluctuate further until the listing.
Sudeep Pharma’s IPO is sized at Rs 895 crore, consisting of a Rs 95 crore fresh issue and an offer-for-sale (OFS) of shares worth Rs 800 crore by promoters.
The issue opened for subscription on November 21 and will close today. Retail investors were allowed to apply for a minimum lot of 25 shares.
As per the schedule, allotment of shares is likely to take place on November 26, and the listing is expected on November 28.
The company plans to use Rs 75.81 crore from the fresh issue for machinery procurement at its Nandesari facility in Gujarat, while the rest of the funds will be used for general corporate purposes.
Sudeep Pharma is a technology-led manufacturer of excipients and specialty ingredients for the pharmaceutical, food and nutrition industries and is dedicated to contributing to the global healthcare ecosystem.
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