The maker of herbal remedies hopes to raise Rs 16.03 crore (about $2.03 million) through the sale of 38.16 lakh equity shares to the general public.

The market maker is allotted 1.92 million shares for Rs 80.64 lakh, leaving a net issue of 36.24 million shares.

Bids must be placed for a minimum of 3,000 equity shares and subsequent bids must be in increments of 3,000 shares. The greatest amount an individual can invest in an IPO is Rs 2 lakh, hence the least amount an individual can invest is Rs 1.26 lakh (3,000 shares x issue price of Rs 42).

The issuance proceeds will be used primarily for working capital requirements, as well as for general corporate reasons, by Shelter Pharma, which has established itself in the human pharmaceutical and veterinary spaces.

Shelter’s product line includes OTC items as well as ethical pharma products thanks to the company’s in-house R&D work and deep understanding of Ayurveda.

Mustaqim Nisarahmed Sabugar and Shakil Nisarahmed Sabugar are spearheading the venture, and they’re getting all the raw materials they need from farmers they’ve known for years.

On August 14th, the public offering will end. By the 21st of August, the IPO share allotment basis will be settled, and by the 23rd, equity shares will be handed to qualified investors.

By the 22nd of August, money will be refunded to those who invested and were unsuccessful.

On August 24th, equity shares will be listed on the BSE’s SME Platform.

The issue’s registrar is Bigshare Services, while the offer’s lead manager is Gretex Corporate Services.

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