The initial share sale of pharmaceutical products distributor Mono Pharmacare will open for public subscription on Monday, August 28. The issue will conclude on Wednesday, August 30.
The company has fixed a price band of Rs 26-28 per share, and investors can bid for a minimum of 4,000 equity shares and in multiples of 4,000 shares thereafter.
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Ahead of the IPO (initial public offering) opening on Monday, Mono Pharmacare is commanding a premium of Rs 5 in the unlisted market. However, it is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
Considering the upper price band, the Ahmedabad-based company plans to raise Rs 14.84 crore via IPO. The public offer comprises only a fresh issue of 53 lakh shares, which is 30 percent of the total post-issue paid-up equity. There’s no offer for sale (OFS) component.
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Panilam Lakhatariya and Supal Lakhatariya, the company promoters, hold 81.03 percent stake in the pharma care firm, and the remaining is held by public shareholders.
About 10 percent of the issue has been set aside for qualified institutional buyers, 45 percent for non-institutional investors and the remaining 45 percent for retail investors.
The proceeds from the issue will be utilised to meet working capital requirements and other general corporate purposes.
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Unistone Capital Private Ltd is the sole book-running lead manager to the issue and Bigshare Services Private Ltd is the registrar.
The final allotment is expected to be made on September 4 and refunds will be initiated on Tuesday, September 5. Shares of Mono Pharmacare will be credited to the demat account of allottees on Wednesday, September 6.
The company’s equity shares are proposed to be listed on the Emerge Platform of the National Stock Exchange.
For the period starting October 17, 2022, and ending March, Mono Pharmacare has reported revenues of Rs 33.08 crore and net profit of Rs 94 lakh.
Mono Pharmacare sells Cosmo care items, analgesic and antipyretic drugs, cough, cold, and allergy medications, antifungal drugs, nutraceutical drugs, cardiac and diabetic drugs, and medications for nausea and vomiting.
