Akash Jha
On August 28, Mono Pharmacare, a distributor of pharmaceutical items, will release its initial public offering at a price range of Rs 26 to Rs 28 per share.
In August of 2023, this would be the twelfth SME public offering.
The company, situated in Ahmedabad, hopes to raise Rs 14.84 crore through an IPO at the high end of the pricing range. Only a new issue of 53 lakh shares, or 30% of post-issue paid-up equity, is included in the offer.
There will be a 2.76 million share allocation for market makers to subscribe to the offering. The net number of shares issued is 50.24 million, after deducting the number of shares reserved for market makers.
It’s a problem with making books. Qualified institutional buyers will receive 10% of the net offer amount, while high net worth individuals (HNIs) and retail investors will each receive 45%.The majority of the money, or Rs 8.98 crore, will be used to cover working capital needs, while the balance funds will be utilised for general corporate purposes and issue costs.
Purchases of equities must be a minimum of 4,000 shares and can be made in increments of 4,000 shares thereafter. Since retail investors can only invest up to Rs 2 lakh in the IPO, the maximum number of shares they can apply for is 4,000, with a value of Rs 1.12 lakh at the upper price band.
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The pharmaceutical firm is 81.03% owned by its founders, brothers Panilam and Supal Lakhatariya, with the remaining 18.67% shared by the general public.
On August 30th, the promotion will end. On September 7, the company’s stock will begin trading as a listed security on the NSE SME.
