Akash Jha
On August 28, the first day of tendering, the public offering of Mono Pharmacare was fully subscribed. The offer has received proposals for 88.08 million shares of equity, which is 1.52 times the IPO size of 53 million shares.
Retail investors have purchased 3.26 times the allotted amount of shares, and the portion reserved for high-net-worth individuals has been 30 percent subscribed, but institutional investors have yet to begin bidding on the issue.
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The distributor of pharmaceutical products has reserved 2.76 million shares for the market maker out of a total of 53 million shares. Consequently, the net issue size is 50,244,000 shares. Ten percent (5,02,400 shares) is reserved for qualified institutional purchasers, while the remaining ninety percent (22,60,800 shares) is divided equally between high net-worth individuals and retail investors.
The Ahmedabad-based company intends to raise Rs 14.84 crore via an initial public offering of 53 lakh shares at the upper price band, which will consist solely of a fresh issue.
The price range for the offer, which ends on 30 August, is Rs 26-28 per share.
The majority of Mono Pharmacare’s fresh issue proceeds will be allocated to working capital needs, while the remainder will be used for general corporate purposes and issue expenses.
The company collaborates with numerous contract manufacturers to produce pharmaceutical products, which it then markets under the brand DLS Export. As of February 28th, it has 168 pharmaceutical companies as its distributors and stockists, as well as 3,036 consumers or vendors, including both retail pharmacies and wholesalers.
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