Remus Pharmaceuticals SME IPO: Issue subscribed 6.41x on Day 2, check GMP and other key details
3 min read 18 May 2023, 10:51 PM ISTRemus Pharmaceuticals is a small and medium-sized enterprise (SME) offering 388,000 equity shares with a face value of ₹10 and a maximum value of ₹47.69 crores.
PremiumRemus Pharmaceuticals is a small and medium-sized enterprise (SME) offering 388,000 equity shares with a face value of ₹10 and a maximum value of ₹47.69 crores. The issue price per share ranges from Rs. 1150 to Rs. 1229 for the issuance. Open to the public on May 17, 2023, the offering concludes on May 19, 2023. The lead manager of the IPO is Beeline Capital Advisors Pvt Ltd, while Link Intime India Private Ltd is the registrar. On Monday, May 29, 2023, Remus Pharmaceuticals is expected to list its first public offering of shares on the NSE SME.
During its Day 2 of subscription, Remus Pharmaceuticals IPO subscribed 6.41 times and the total number of shares bid was 17,77,700 compared to the offered shares of 2,77,500. By May 18, 2023, the public offering had received subscriptions in the retail category 10.93 times, the QIB category 1.48 times, and the NII category 12.25 times. 10,62,000 shares were total bid for the retail category, compared to 97,125 shares offered; 5,09,700 shares were total bid for the NII category, compared to 41,625 shares offered; and 2,06,000 shares were total bid for the QIB category, compared to 1,38,750 shares offered.
Remus Pharmaceuticals' grey market premium, according to the GMP trend, began at about Rs. 118 and has subsequently fallen to Rs. 70 as of May 18, 2023. The expected listing price is predicted by the GMP indication at roughly ₹1299 per share (upper price + today's GMP) on May 18, 2023, taking into account the upper issue price of Remus Pharmaceuticals Ltd.'s IPO at ₹1,229 per share. As a result, Remus Pharmaceuticals Ltd.'s listing premium over the listing price determined by the grey market is a solid 5.70%, as indicated by the GMP of Rs. 1299 on the upper issue price band of Rs. 1229.
A R Ramachandran, Co-founder & Trainer-Tips2trades said “Strong fundamentals backed by strong return ratios and excellent profit growth despite increasing debt makes Remus Pharmaceuticals a compelling buy for investors. Investors can subscribe for listing gains."
V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT) said “Remus Pharmaceuticals Limited has announced the (to be listed on NSE SME Emerge platform) opening and closing dates for its initial public offering (IPO) on May 17 and May 19, 2023, respectively. Tomorrow is the last day of Application. The IPO size is approximately ₹47.69 Crores, with 388,000 equity shares available. Each equity share has a face value of ₹10. The IPO price band is set between RS 1150 and ₹1229 per equity share. The listing of the IPO will be on NSE SME. The retail quota is 35% of the net offer, the QIB quota is 50% of the net offer, and the NII quota is 15% of the net offer."
“This company belongs to the pharma sector and almost all pharma companies have got the benefit of Corona already so this. In the year its Profit (Cr.) was 0.81 and in 2021 it was 1.03 and in the year 2022 it was 3.39. To me, it seems like IPO preparations. In fact, Qualified Institutional Buyers (QIB) data is also not convincing. Retailer traders should be very cautious to me as they have subscribed over 2 times where non-institutional Investors subscribed is around .070 only. Just to note here QIB & NII comprises a total of 65% of this IPO. As per my understanding, it may not list at Premium. Retail traders should avoid as of now and wait for some time. Let it trade it in the secondary market it performed well invest in it otherwise ignore it," V.L.A. Ambala further added.
