The SME IPO of Onyx Biotec, which opened for subscription on Wednesday has been subscribed 6 times so far on the second day of the bidding process attracting 2,09,06,000 bids for the issue against a 34,44,000 shares offered.
As of 1:20 pm, the issue had witnessed the highest demand from the retail investors, attracting 1,71,24,000 bids followed by the non-institutional investors (NIIs), who had bid for 41,20,000 shares.
Qualified institutional buyers (QIBs) had not yet placed any bids.
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The IPO will close on November 18. The company aims to raise Rs 29 crore through the SME IPO and list the shares on NSE SME platform.
The IPO is entirely a fresh equity sale of 48.1 lakh shares and through the issue, the company plans to raise about Rs 29 crore. The net proceeds from the public offer will be used for the upgradation of the existing manufacturing unit to manufacture large volume parentals for intravenous use, setting up a high-speed cartooning packaging line at the existing manufacturing unit, repayment of debt, and general corporate purposes.
About 50% of the offer is reserved for QIB investors, 35% for retail investors and the other 15% for non-institutional investors.
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Onyx Biotec IPO price band
The company is offering its shares at Rs 58-61 apiece, and investors can bid for 2,000 shares in 1 lot.
Onyx Biotec GMP
In the unlisted market, the company’s shares were trading with a GMP of Rs 15, indicating a premium of 23% over the issue price.
Onyx Biotec listing date
The company’s shares will likely get listed on November 21.
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About Onyx Biotec
Onyx started its operation in the pharmaceutical industry with sterile water for injections in the year 2010. Since then, the company has been associated with the healthcare segment and offering Sterile Pharmaceutical products and has become a prominent supplier of sterile products to major corporations, which includes the top pharma companies at pan India level.
Onyx currently manufactures Sterile Water for Injections and acts as a pharmaceutical contract manufacturer offering a comprehensive range of Dry Powder Injections and Dry Syrup for India and overseas.
Industry Overview
According to a recent EY FICCI report, as there has been a growing consensus over providing new innovative therapies to patients, Indian pharmaceutical market is estimated to touch $130 billion in value by the end of 2030 and $450 billion market by 2047.
Onyx Biotec financial performance
For the period ended May 2024, the company clocked total revenues of Rs 10.52 crore and net profit of Rs 1.3 crore.
Horizon Management is acting as the lead manager to the issue and Mas Services is the registrar.
