Quest Laboratories IPO Day 3: Issue subscribed over 31 times so far on last day; Check GMP, other key details

Quest Laboratories IPO: The bidding period for the initial public offering (IPO) of Quest Laboratories will end today, May 17. Quest Laboratories IPO is an SME IPO that opened for subscription on May 15.

Quest Laboratories IPO has been witnessing strong demand from investors, led by the Non-Institutional Investors (NII). 

Let us check Quest Laboratories IPO GMP today, subscription status and other key details as the issue closes today.

Quest Laboratories IPO Subscription Status

Quest Laboratories IPO has been subscribed 31.28 times so far on Friday, the third and the last day of the bidding process. The public issue received bids for 9.33 crore equity shares as against 29.85 lakh shares on the offer, as per data available till 2:20 PM.

The IPO has been subscribed 27.11 times in the retail category, 22.96 times in the Qualified Institutional Buyers (QIB) category, and 51.37 times in the Non-Institutional Investors (NII) category so far.

Also Read: Indian Emulsifier IPO allotment to be finalised today; latest GMP, 5 steps to check status

Quest Laboratories IPO GMP Today

Quest Laboratories IPO GMP today, or grey market premium today, is ₹11 per share, as per market observers. This indicates Quest Laboratories shares are trading higher at ₹108 apiece in the grey market, a premium of 11.34% to the issue price of ₹97 per share.

Quest Laboratories IPO Details

The bidding for Quest Laboratories Ltd commenced on Wednesday, May 15, and concludes today, May 17. The IPO allotment is expected to be fixed on May 21 and the Quest Laboratories shares will be listed at NSE SME on May 23.

Quest Laboratories IPO size is ₹43.16 crore and the issue is entirely a fresh issue of 44.5 lakh equity shares. Quest Laboratories IPO price band is set at ₹93 to ₹97 per share. The IPO lot size is 1,200 shares and the minimum investment amount required by retail investors is ₹116,400. 

Also Read: Go Digit IPO fully booked on the last day of bidding: Check subscription updates, GMP, other details

Ahead of the IPO opening, the company had raised ₹11.99 crore from anchor investors on May 14.

The company proposes to utilize the net issue proceeds towards funding of capital expenditure for purchase of plant and machinery for expansion at the existing manufacturing facility; funding working capital requirements and general corporate purposes.

Shreni Shares Ltd is the book running lead manager of the Quest Laboratories IPO, while Bigshare Services Pvt Ltd is the IPO registrar.

Quest Laboratories is a pharmaceutical company operating in the domestic market across twelve states and two union territories. Its manufacturing unit is located in Dhar, Madhya Pradesh.

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