Emcure Pharmaceuticals IPO: Bain Capital backed firm raises ₹582 crore from anchor investors ahead of public issue

Bain Capital-backed Emcure Pharmaceuticals, on Tuesday, said that it has raised over ₹582 crore from anchor investors a day before its initial public offerings (IPO) opens for subscription.

According to the exchange filing, the company has allocated 57,79,850 shares to 48 anchor investors at the price of ₹1,008 per share.

The IPO Committee of the Board of Directors of the Company at its meeting held on July 2, 2024, in consultation with the Book Running Lead Managers to the Offer, has finalized allocation of 57,79,850 Equity Shares, to Anchor Investors at Anchor Investor Allocation Price of Rs. 1,008/- per Equity Share (including share premium of Rs. 998/- per Equity Share),” the company said in the filing.

The anchor book includes marquee investors such as HDFC MF, ICICI Pru MF, SBI MF, Abu Dhabi Investment Authority, Goldman Sachs Asset Management, Nomura, HDFC Life, ICICI Pru Life, SBI Life, Birla MF, Kotak MF, Nippon MF, Mirae MF, IIFL WhiteOak.

The company further said that out of the total allocation of 57,79,850 equity shares to anchor investors, 28,15,962 equity shares (i.e. 48. 72% of the total allocation to Anchor Investors) were allocated to 16 domestic mutual funds through a total of 29 schemes.

Emcure Pharmaceuticals IPO details

The mainboard initial public offering (IPO) of leading pharma major Emcure Pharmaceuticals Ltd is set to open for subscription on Wednesday, July 3, 2024.

The IPO is a book-built issue amounting to ₹1,952.03 crore. It comprises a fresh issue of 0.79 crore shares totaling ₹800.00 crore and an offer for sale (OFS) of 1.14 crore shares totaling ₹1,152.03 crore.

The minimum lot size for an application is 14 shares, meaning investors can bid for at least 14 shares and in multiples of 14 thereafter. The floor price is 96 times the face value of the equity shares, while the cap price is 100.80 times the face value.

The pharmaceutical company plans to use the net proceeds for the repayment and/or prepayment of all or part of certain outstanding borrowings and for general corporate purposes.

Emcure Pharmaceuticals IPO GMP or grey market premium was ₹285. This indicates that Emcure Pharmaceuticals share price were trading at a premium of ₹285 in the grey market, according to investorgain.com.