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Business News/ Markets / Ipo/  Mono Pharmacare IPO: GMP, subscription status on day 3, other key details
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Mono Pharmacare IPO: GMP, subscription status on day 3, other key details

Mono Pharmacare IPO subscribed 13.42 times, retail portion subscribed 19.40 times.

Mono Pharmacare IPO opened for subscription on Monday, August 28, and will close today (Wednesday, August 30). (Photo: Courtesy Mono Pharmacare Ltd website)Premium
Mono Pharmacare IPO opened for subscription on Monday, August 28, and will close today (Wednesday, August 30). (Photo: Courtesy Mono Pharmacare Ltd website)

Mono Pharmacare IPO opened for subscription on Monday, August 28, and will close today (Wednesday, August 30). Mono Pharmacare IPO price band has been set at 26 to 28 per equity share and the Mono Pharmacare shares will get listed on Thursday, September 7 on NSE SME. Bids can be made for a minimum of 4,000 equity shares and in multiples of 4,000 equity shares thereafter. Mono Pharmacare Limited IPO cap price shall be at least 105% of the floor price, according to Red herring prospectus (RHP).

Mono Pharmacare Limited's core activities are pharmaceutical product marketing and distribution. The business provides cosmocare items, analgesic & antipyretic items, antacid & antiemetics items, cough, cold, and allergy items, antifungal items, nutraceutical items, cardiac - diabetic items, and antibiotics.

Also Read: Rishabh Instruments IPO: Issue subscribed 73% on day 1, NII portion fully booked

According to RHP, the company works with various contract manufacturers who manufacture pharmaceutical products on its behalf based on compositions given by them and subsequently it sells those products under brand 'DLS Export'.

The company also is a distributor to various pharmaceutical companies. As on February 28, 2023, the company is dealing with (distributors and stockists) 168 pharmaceutical companies and also, they are connected with 3,036 Customers/vendors who are a mix of retail pharmacy stores as well as wholesalers, as per the RHP.

According to RHP, the listed industry peers of the company is Chandra Bhagat Pharma Ltd.

Mono Pharmacare IPO details

Mono Pharmacare IPO consists of fresh issue of 53,00,000 equity shares aggregating to 14.84 crore. There's no offer for sale (OFS) component. According to company's RHP it intends to use the gross proceeds to meet the working capital requirements; general corporate purposes; and to meet the issue expenses.

Panilam Lakhatariya and Supal Lakhatariya are the company's promoters.

Mono Pharmacare IPO's basis of allotment of shares will be finalised on Monday, September 4 and the company will initiate refunds on Tuesday, September 5, while the shares will be credited to the demat account of allottees on Wednesday, September 6. Mono Pharmacare share are likely to be listed on NSE SME on Thursday, September 7.

Mono Pharmacare Limited IPO's lead manager is Unistone Capital Private Ltd, and the registrar is Bigshare Services Private Ltd.

Also Read: Mono Pharmacare IPO to open on August 28, check key dates to price band

Mono Pharmacare IPO subscription status

Mono Pharmacare IPO subscription status was 13.42 times on day 3. The issue received positive response from retail investors who's portion set was subscribed 19.40 times, non-institutional buyers who's portion set was subscribed 8 times, and qualified institution buyers portion was subscribed 10.89 times, according to data on chittorgarh.com.

The company has received bids for 6,74,28,000 shares against 5,300,000 shares on offer, according to data on chittorgarh.com.

On day 1, Mono Pharmacare IPO subscription status was 1.60 times and on day 2 the issue was subscribed 4.09 times.

Also Read:Rishabh Instruments IPO opens today: Latest GMP, should you subscribe, subscription status?

Mono Pharmacare IPO GMP 

As per the market observers, Mono Pharmacare IPO grey market premium (GMP) on Tuesday was 2. They said that grey market was neutral on the issue on Monday but after the trend reversal on Dalal Street, grey market turned to the NSE SME IPO and its shares started trading on Tuesday. They said that grey market mood may further improve if the positive sentiments on Dalal Street continues.

Also Read: Mono Pharmacare IPO: What GMP, subscription status signals about NSE SME issue

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Published: 30 Aug 2023, 07:19 PM IST
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