Zenith Drugs made a strong debut, listing at a 39.2 percent premium to the IPO price on February 27. The stock opened at Rs 110 against the issue price of Rs 79 on the NSE SME platform. Ahead of the listing, the stock was commanding a 44 percent premium in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium to get an idea of the listing price. Zenith Drugs IPO opened for subscription on Monday, February 19, and closed on Thursday, February 22.
Zenith Drugs IPO price band was set in the range of ₹75 to ₹79 apiece. Zenith Drugs IPO lot size consisted of 1,600 shares. Investors could bid for a minimum of 1,600 shares and in multiples thereof. Zenith Drugs Limited is a pharmaceutical firm that specialises in producing and selling reasonably priced, high-quality medications, including generic medications. Zenith Drugs IPO is a book built issue of ₹40.68 crores. The issue is entirely a fresh issue of 51.49 lakh shares. The promoters of the company are Sandeep Bhardwaj, Bhupesh Soni and Ajay Singh Dassundi. The company intends to utilise the net fresh issue proceeds for purchase of machinery and equipment for setting up new unit, existing manufacturing block up-gradation, working capital requirements and general corporate purposes. Gretex Corporate Services Limited is the book running lead manager of the Zenith Drugs IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Zenith Drugs IPO is Gretex Share Broking.