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Business News/ Markets / Ipo/  Zenith Drugs IPO Day 3: Check subscription status, GMP and other details

Zenith Drugs IPO Day 3: Check subscription status, GMP and other details

The SME IPO received 3,75,60,000 shares against offered 1,59,88,800 shares on the last day of bidding.

Zenith Drugs IPO (PTI)Premium
Zenith Drugs IPO (PTI)

Pharmaceutical company Zenith Drugs initial public offering (IPO) opened for subscription on February 19 and will close on February 22. The small and medium enterprise (SME) IPO was subscribed 7.29x on the third day of bidding.

Zenith Drugs IPO raised 40.68 crore from anchor investors from six anchor investors on February 16, by allocating 12,88,000 shares at 69 per share.

Zenith Drugs Limited specialises in manufacturing and trading high-quality, affordable medicines, including generic drugs.

Also read: Purv Flexipack IPO: Price band, issue size, GMP, key details to know

Zenith Drugs Limited's revenue increased by 24.85 percent and profit after tax (PAT) rose by 64.7% between the financial year ending with March 31, 2023.

Zenith Drugs IPO subscription status

The Zenith Drugs IPO was subscribed over 7.29 times on the second day of bidding. The SME IPO received 3,75,60,000 shares against offered 1,59,88,800 shares, as per data by NSE.

On the last day of bidding, the retail received 2,85,58,400 application, QIB received 30,40,000 shares and NII category was received 59,61,600 share applications.

The public issue subscribed 9.41 times in the retail category, 3.53 times in QIB, and 2.50 times in the NII category on the second day.

On the first day, the retail category received 49,32,800 applications against offered 15,04,000. Meanwhile, QIB section remained unsubscribed and NII received 6,14,400 applications against offered 6,44,800.

Also read: Indian stock exchanges topped in number of IPOs in 2023: EY Report

Zenith Drugs IPO details

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 price band of the SME IPO is set at 75 to 79 per share.

Investors can bid for a minimum of 1600 shares and in multiples thereof. The minimum amount of investment required by retail investors is 126,400. The minimum lot size investment for HNI is 2 lots (3,200 shares) amounting to 252,800.

Zenith Drugs IPO offers 9,009,600 shares. 859,200 (9.54%) to QIB, 644,800 (7.16%) to NII, 1,504,000 (16.69%) to RII and 5,148,800 (57.15%) to Anchor investors.

The promoters of the company are Sandeep Bhardwaj, Bhupesh Soni and Ajay Singh Dassundi.

The company intends to utilize the net fresh issue proceeds for purchase of machinery & equipments for setting up new unit, existing manufacturing block upgradation, working capital requirements and general corporate purposes.

Also read: Vibhor Steel Tubes IPO to debut on the bourses tomorrow; here's what Vibhor Steel IPO GMP signals ahead of listing

The allotment for the Zenith Drugs IPO is expected to be finalized on Friday, February 23, 2024. Zenith Drugs IPO will list on NSE SME with tentative listing date fixed as Tuesday, February 27, 2024.

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.

Zenith Drugs IPO GMP today

The shares of Zenith Drugs is available at premium of 18 in the grey market on February 19, according to investorgain. This means that the shares of the pharma company is trading at 18 as grey market premium.

The estimated listing price of the SME IPO is likely to be 97 per share, which is 22.78% higher than the IPO price of 79.



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Published: 19 Feb 2024, 09:29 PM IST
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