An additional 85.57 lakh equity shares are being offered for sale by 19 selling shareholders, including promoters Prabhat Agrawal, OrbiMed Asia III Mauritius, and Prem Sethi, for a total of Rs 1,000 crore.

OrbiMed Asia III Mauritius, a subsidiary of the American healthcare-focused investment group OrbiMed, owns 58.70 percent of the company’s stock, while Prabhat Agrawal and Prem Sethi, respectively, possess 11.38 percent and 6.46 percent.

The second largest stakeholder is the Prasid Uno Family Trust, which holds a 20.04 percent ownership in the company through the trusteeship of Surbhi Singh and Universal Trustee.

The Mumbai-based firm might potentially raise up to Rs 200 crore through a private placement, preferential allocation, or rights issue before submitting the red herring prospectus to the ROC.

The primary uses for the Rs 123.7 crore in debt repayment and the Rs 600 crore in long-term working capital requirements would be funded by the net proceeds from the fresh issue. Acquisitions and other forms of inorganic expansion, as well as ordinary company expenses, will consume the remaining money.

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Entero Healthcare, formed in 2018 by Prabhat Agrawal and Prem Sethi with backing from OrbiMed, reports an operating income of Rs 2,522.07 crore in FY23 and positions itself as one of the top three healthcare products distributors in India based on revenue in FY22.

The distributor serves retail pharmacies and hospitals across India through its 73 distribution centers and its IT network. More than 81,400 retail and more than 3,400 hospital customers were served in fiscal 2023, a significant increase over the 64,200 retail and 2,500 hospital customers served in FY22.

In addition, it has supply agreements with more than 1,900 healthcare product manufacturers, giving it access to more than 64,500 product SKUs.

According to its historical fiscal reports, Entero Healthcare is a loss-making organization, with a net loss of Rs 11.1 crore for the year ended March FY23, decreasing from a loss of Rs 29.44 crore, despite a 31 percent year-over-year increase in revenues to Rs 3,300 crore.

The issue’s merchant bankers are ICICI Securities, DAM Capital Advisors, Jefferies India, J.M. Financial, and SBI Capital Markets.

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All of the activity in the IPO market appears to be driven primarily by an optimistic market climate.

In the upcoming week, four companies expect to raise more than Rs 1,350 crore from the public, with Ratnaveer Precision Engineering being the first to go public on September 4 with a Rs 165 crore offering. The price range for the offering, which will conclude on September 6, has been set between Rs 93 and Rs 98.

The manufacturer of stainless steel-based products intends to raise Rs 135.24 crore through fresh issues and Rs 29.79 crore through an offer for sale (OFS). The company serves industries such as automotive, power plants, oil and gas, pharmaceuticals, construction, and electrical appliances.

The healthcare services provider Jupiter Life Line Hospitals will accept bids for its initial public offering between September 6 and 8 at a price range of Rs 695 to 735 per share.

The initial public offering (IPO) consists of a fresh issuance of shares worth Rs 542 crores and an offer-for-sale (OFS) of 44.5 lakh shares worth Rs 327.08 crores at the upper price band by promoters and other shareholders. Jupitar is the largest of the four IPOs, with a projected mop-up of Rs 869.08 crore.

EMS, a provider of sewage treatment solutions, is expected to commence its Rs 320 crore initial public offering on September 8, with a likely price range of Rs 200 to Rs 211 per share. The offer consists of a fresh issue of approximately Rs 145-146 crore and an offer-for-sale of 82.94 lakh shares at the upper price band by promoter Ramveer Singh. According to sources, bidding will conclude on September 12.

SME segment

The Small and Medium-Sized Enterprise (SME) market will be launching its fourth public issuance next week. On September 6 and 8, Kahan Packaging, a provider of bulk packaging solutions based in Mumbai, will begin accepting offers. At a price of Rs 80 per share, it hopes to raise Rs 5.76 crore through the IPO.

Packaging solutions for businesses producing goods for the cement, chemical, fertiliser, and food industries are provided by the organization.

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Ongoing IPOs

Rishabh Instruments, a manufacturer of test and measuring instruments, will finalize the basis of allotment of IPO shares on September 6. The company’s public issuance raised Rs 491 crore. Eligible investors will have the shares deposited into their demat accounts by September 8.

To date, the initial public offering (IPO) for specialty chemicals and API trader Saroja Pharma Industries India has been subscribed 2.01 times for a total of Rs 9.11 cr. Two other SMEs, Basilic Fly Studio, a visual effects (VFX) studio in Chennai, and Pramara Promotions, a provider of promotional products and gift items, will also close their IPOs on September 5.

On the first day of bidding, September 1, Basilic Fly Studio’s IPO was subscribed 26.08 times for a total of Rs 66.35 crore, while 44 percent of Pramara Promotions’ IPO offering of Rs 15.27 crore had been booked.

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Listings

Vishnu Prakash R Punglia, an infrastructure firm based in Rajasthan, closed its public offering last week with 87.82 times subscription and will make its market debut on September 5.

Next week will see the last three listings, all from the SME sector, with Sahaj Fashions listing on September 6, Mono Pharmacare on September 7, and CPS Shapers on September 8.

Sahaj Fashions, a manufacturer of garment fabrics, saw its initial public offering (IPO) subscribed 7.4 times, while those of Mono Pharmacare, a distributor of pharmaceutical products, and CPS Shapers, a manufacturer of men’s and women’s shapewear, were subscribed 12.77 times and 236.67 times, respectively.

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On the NSE, the stock rose by 27.23 percent to a closing price of Rs 942.8 from its issue price of Rs 741, with 2.42 crore equity shares changing hands.

 The stock commenced trading at Rs 900.05 on the exchange, which would prove to be its day’s low. However, by late morning, it had risen 33.3 percent, reaching a high of Rs 987.70.

 The stock finally closed at Rs 941.85 on the BSE, up 27.11 percent, with 15.42 lakh shares trading hands. 

The stock’s performance far beyond both analysts’ forecasts and the grey market premium of almost 15% over the issue price.

 The US Food and Drug Administration’s (FDA) favourable inspection report for the company’s manufacturing Unit III in Kheda, Gujarat also helped lift the stock price today.

 On June 26-30, inspectors from the US Food and Drug Administration (FDA) examined the plant in question.

 RARE Trusts, the biopharmaceutical firm founded by the late Rakesh Jhunjhunwala, announced today that it has received the Establishment Inspection Report (EIR) marking the end of the inspection and labelling the facility as “no action indicated” (NAI). 

According to the findings of this audit and the USFDA’s NAI classification, the facility meets all requirements for cGMP. 

The offer for sale of 2.09 crore equity shares by Quadria Capital Fund LP-backed Helix Investment Holdings, which is leaving the company, accounts for the entirety of the Rs 1,551 crore raised by public issuance by Concord Biotech.

The range of the offer price per share was Rs 705-741.

Also Read : Vishnu Prakash R Punglia IPO to open on August 24, price band at Rs 94-99 per share

The post Concord Biotech settles on debut day with 27% gains despite market correction appeared first on Republic Aeon.

Up 10% from its issue price of Rs 165, but down from its opening price, the stock finished at Rs 181.40 on the NSE SME.

The stock price began trading at Rs 185 and peaked at Rs 191 before closing the day at Rs 181.

On the first day of trading, 9.02 lakh shares were exchanged.

By issuing 27.17 million new shares of stock to the public, the digital transformation and technology services firm raised Rs 44.84 crore, or about $44.84 million. The offer price ranged from Rs 162 to Rs 165 per share, and the offering was book-built.

This was an altogether new initiative on the part of the firm. Issue proceeds (after deducting IPO costs) will be used to fund the purchase and development of innovative products and technologies.

Networking and cabling, as well as branding and marketing, will be funded with these resources. The capital expenditure and working capital needs will also be met using the proceeds from the new issue.

Ability Games’ subsidiary, Yudiz Solutions, specialises in providing web, mobile, game, and blockchain solutions. Ability Games’ primary business is online fantasy gaming and unique gaming products.

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As anticipated, the stock opened at Rs 82, up 44 percent from its issuance price of Rs 57, on the NSE. It maintained its opening price, which was also its day’s low, throughout the session and reached a 67.5 percent intraday high of Rs 95.45.

At market close, the stock was up 61.75 percent to Rs 92.20 on the NSE and up 61.77 percent to Rs 92.21 on the BSE.

SBFC Finance traded 20,44 crore equity shares on the NSE and 1.09 crore shares on the BSE in terms of volume.

Last week, the professionally managed NBFC, backed by illustrious institutional investors including Clermont Group, Arpwood Group, and the Malabar Group, raised Rs 1,025 crore through its initial public offering. The offer price range was Rs 54-57 per share.

SBFC Finance focuses primarily on MSME loans, which account for over 80% of its total business, while the gold loans segment accounts for approximately 17%.

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The company has 152 branches in 120 locations spanning 16 states and 2 union territories. In addition, the company is well-diversified, with 31% of its AUM (assets under management) in the North, 38% in the South, and the rest in the West and East.

The AUM as of March FY23 was Rs 4,943 crore, growing at a robust rate of 44% CAGR during FY19-FY23, while disbursements grew at a rate of 40% CAGR during the same period.

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