Medicamen Organics IPO: Issue subscribed over 40 times on day 1; check subscription status, GMP and other details

Estimated read time 9 min read

Medicamen Organics, which manufactures, and distributes pharmaceutical dosages, launched its initial public offerings (IPO) on June 21. The small and medium enterprise (SME) was subscribed over 40.25 times on the first day of subscription.

The issue has allocated 584,000 shares (18.84%) to Qualified Institutional Buyers (QIB), 440,000 shares (14.19%) to Non-Institutional Investors (NII), 1,028,000 shares (33.16%) to Retail Individual Investors (RII).

Medicamen Organics Limited develops, manufactures, and distributes a range of pharmaceutical dosages, including generic forms such as tablets, capsules, oral liquids, ointments, gels, syrups, suspensions, and dry powders. The company serves both government (state and central) and private entities as a contract manufacturer/third-party manufacturer.

Medicamen Organics IPO subscription status

The SME IPO received 8,95,20,000 applications against offered 4,02,96,000 shares on June 21. The IPO was subscribed over 40.25 times on the first day of bidding, as per NSE.

The retail category received 7,42,72,000 applications, meanwhile, NII and QIB portions received 1,46,56,000 and 5,92,000 shares on the first day.

Medicamen Organics IPO details

The Medicamen Organics IPO is a book-built issue totaling 10.54 crore. The offering consists entirely of a fresh issue of 31 lakh shares. The IPO will be open for subscription from June 21, 2024, to June 25, 2024.

The price band of the SME IPO has been set 32 to 34 per share. The minimum lot size for an application is 4,000 shares, requiring a minimum investment of 136,000 from retail investors.

GYR Capital Advisors Private Limited is the book running lead manager for the Medicamen Organics IPO, with Kfin Technologies Limited serving as the registrar. Giriraj Stock Broking is the market maker for the Medicamen Organics IPO.

Medicamen Organics IPO GMP today

Medicamen Organics IPO GMP today is +50. This indicates Medicamen Organics share price were trading at a premium of 50 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, Medicamen Organics IPO expected listing price was indicated at 84 apiece, which is 147.06% higher than the IPO price of 34.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

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Published: 21 Jun 2024, 09:58 PM IST

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