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Kolkata: An entrenched player in the pharmaceutical excipient market, Sudeep Pharma had a fabulous bidding process and ended up attracting bids almost 94 times the amount it set out to mobilise. Sudeep Pharma IPO was subscribed a massive 93.71 times overall -- 15.65 times in the retail category, 213.08 times in QIB (Ex Anchor), and 116.72 times in the NII category. The allotment of the issue was completed on Nov 6. Significantly, QIBs or Qualified Institutional Buyers are big investors such as mutual funds, banks and insurance companies which possess the financial and analytical skills and capital to invest and big participation from these category of investors indicate market confidence in the company.
Sudeep Pharma had significant success in the anchor round of investment when it mobilized Rs 268.5 crore from anchor investors. Among them were AMCs such as SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Nippon India MF, WhiteOak Capital MF, Aditya Birla Sun Life MF, Motilal Oswal MF, Quant MF, Bandhan MF, UTI MF, Edelweiss MF, Tata AIA Life Insurance and SBI Life Insurance.
According to investorgain, Sudeep Pharma IPO GMP stood at Rs 90 on early morning of Nov 27, a day before the listing date. It was at Rs 97 on the night on Nov 26, the day of allotment, significantly higher than the Rs 86 on Nov 25, the last date of the bidding process. Therefore, the investor interest in the grey market is rising. According to the GMP of Rs 90 in early morning of Nov 27, the listing price could be Rs 683 (upper end of the price band of Rs 593 + GMP) and the listing gain estimated will be 15.18%. MUFG Intime India the registrar for the issue.
Sudeep Pharma business strength is quite remarkable. It manufactures pharmaceutical excipients, food-grade minerals and specialty nutrition ingredients and exports on products to customers in more than 100 countries. Its clints contains names such as Pfizer Inc., Mankind Pharma, Merck Group, Aurobindo Pharma, Cadila Pharmaceutical, IMCD Asia Pte Ltd and Danone SA.
(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, INVITs, any form of alternative investment instruments and crypto assets.)
