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Business News/ Markets / Ipo/  Zenith Drugs IPO to open on February 19: Check price band, key dates, other details
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Zenith Drugs IPO to open on February 19: Check price band, key dates, other details

Zenith Drugs IPO is a book built issue of ₹40.68 crore. The issue is entirely a fresh issue of 51.49 lakh shares

Zenith Drugs IPO opens for subscription on February 19, 2024 and closes on February 22, 2024. Photo: iStockphotoPremium
Zenith Drugs IPO opens for subscription on February 19, 2024 and closes on February 22, 2024. Photo: iStockphoto

Zenith Drugs IPO: The initial public offering (IPO) of small and medium-sized enterprises (SME) Zenith Drugs will be opening for subscription on Monday, February 19, 2024. It comprises a fresh issue with a price band set at 75 to 79 per share at a face value of 10 per share. The SME IPO will close on Thursday, February 22.

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.
 

Zenith Drugs IPO Details:

Zenith Drugs IPO is a book built issue of 40.68 crore. The issue is entirely a fresh issue of 51.49 lakh shares. The minimum lot size for an application is 1,600 shares, which means that investors can bid for a minimum of 1,600 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 two lots (3,200 shares) amounting to 252,800.

Also Read: Gopal Snacks gets SEBI nod to raise 650 crore via IPO

The company has allocated 35 per cent of the net IPO offer to retail investors, not more than 50 per cent for qualified institutional buyers (QIBs) and not more than 15 per cent for non-institutional investors. 

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

The company intends to utilize the net proceeds of the net fresh issue for the following objectives:
-Purchase of machinery and equipments for setting up a new unit
-Existing manufacturing block upgradation
-Working capital requirements
-General corporate purposes.

Zenith Drugs Company Details:

Zenith Drugs Limited was incorporated in 2000 and is a pharmaceutical company specialising in manufacturing and trading high-quality, affordable medicines, including generic drugs. The product portfolio of the company includes ORS powder and liquid orals, ointments, liquid externals, and capsules.

Zenith Drugs Limited's revenue increased by 24.85 per cent and profit after tax (PAT) rose by 64.7 per cent between the financial year ending with March 31, 2023 and March 31, 2022.

Also Read: Vibhor Steel Tubes IPO fully booked on day 1 of bidding led by retail, NIIs; check GMP

The Food & Drugs Administration (FDA) has approved over 600 products, of which 325 are currently in production. The company is in the process of setting up a new manufacturing facility in Village Muradpura, Depalpur, Indore, Madhya Pradesh.

The company supplies its products to countries such as Costa Rica in Central America and the Caribbean and Pacific regions, Malawi, Mauritius, Mozambique, Sudan, Tanzania, Bhutan , Cambodia in Southeast Asia, Tajikistan, Liberia, Sierra Leone, and Conakry.

Zenith Drugs specializes in third-party manufacturing, also known as white label manufacturing, for esteemed pharmaceutical companies such as Ajanta Pharma, Bio Medical Laboratories, and Zest Pharma, among others.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 13 Feb 2024, 05:33 PM IST
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