Emcure Pharmaceuticals IPO Surges with 67.87x Subscription

Emcure Pharmaceuticals' IPO, backed by Bain Capital, saw 67.87 times subscription on its final day. The IPO included a fresh equity issue worth Rs 800 crore and an offer for sale worth Rs 1,152 crore, bringing the total to Rs 1,952 crore. The proceeds will be used for debt payment and general corporate purposes.

The initial public offering (IPO) of Bain Capital-backed Emcure Pharmaceuticals Ltd saw a staggering 67.87 times subscription on its final day, reflecting robust interest from institutional buyers.

NSE data showed bids for 92,99,97,390 shares against 1,37,03,538 shares on offer. Qualified institutional buyers (QIBs) subscribed 195.83 times, non-institutional investors 48.32 times, and retail individual investors (RIIs) 7.21 times.

The price band for the IPO was set at Rs 960-1,008 per share. The IPO featured a fresh equity issue worth Rs 800 crore and an offer for sale (OFS) of 1.14 crore equity shares worth Rs 1,152 crore, taking the total public offering size to Rs 1,952 crore.

Promoter Satish Mehta and investor BC Investments IV Ltd, an affiliate of Bain Capital, were among the sellers in the OFS. Satish Mehta holds a 41.85% stake, while BC Investments owns 13.07% in Emcure Pharmaceuticals.

The proceeds from the fresh issue will be allocated towards debt repayment and general corporate purposes. Additionally, Emcure Pharmaceuticals raised Rs 583 crore from anchor investors ahead of the IPO.

The Pune-based company specializes in developing, manufacturing, and globally marketing a range of pharmaceutical products across various therapeutic areas. Kotak Mahindra Capital Company, Jefferies India, Axis Capital, and JP Morgan India were appointed as the book-running lead managers for the issue. Shares will be listed on the BSE and NSE.

(Disclaimer: With inputs from agencies.)