Zenith Drugs IPO Day 1: Check subscription status, GMP and other details

Zenith Drugs IPO raised ₹40.68 crore from anchor investors from six anchor investors on February 16, by allocating 12,88,000 shares at ₹69 per share.

Zenith Drugs Limited specialises in manufacturing and trading high-quality, affordable medicines, including generic drugs.

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Zenith Drugs Limited’s revenue increased by 24.85 percent and profit after tax (PAT) rose by 64.7% between the financial year ending with March 31, 2023.

Zenith Drugs IPO subscription status

The Zenith Drugs IPO was subscribed over 1.0 times on the first day of bidding. The SME IPO received 55,47,200 shares against offered 51,48,800 shares, as per data available on NSE.

The retail category received 49,32,800 applications against offered 15,04,000. Meanwhile, QIB section remained unsubscribed and NII received 6,14,400 applications against offered 6,44,800.

Also read: Indian stock exchanges topped in number of IPOs in 2023: EY Report

Zenith Drugs IPO details

Zenith Drugs IPO is a book built issue of ₹40.68 crores. The issue is entirely a fresh issue of 51.49 lakh shares. The price band of the SME IPO is set at ₹75 to ₹79 per share.

Investors can bid for a minimum of 1600 shares and in multiples thereof. The minimum amount of investment required by retail investors is ₹126,400. The minimum lot size investment for HNI is 2 lots (3,200 shares) amounting to ₹252,800.

Zenith Drugs IPO offers 9,009,600 shares. 859,200 (9.54%) to QIB, 644,800 (7.16%) to NII, 1,504,000 (16.69%) to RII and 5,148,800 (57.15%) to Anchor investors.

The promoters of the company are Sandeep Bhardwaj, Bhupesh Soni and Ajay Singh Dassundi.

The company intends to utilize the net fresh issue proceeds for purchase of machinery & equipments for setting up new unit, existing manufacturing block upgradation, working capital requirements and general corporate purposes.

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The allotment for the Zenith Drugs IPO is expected to be finalized on Friday, February 23, 2024. Zenith Drugs IPO will list on NSE SME with tentative listing date fixed as Tuesday, February 27, 2024.

Gretex Corporate Services Limited is the book running lead manager of the Zenith Drugs IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Zenith Drugs IPO is Gretex Share Broking.

Zenith Drugs IPO GMP today

The shares of Zenith Drugs is available at premium of ₹14 in the grey market on February 19, according to investorgain. This means that the shares of the pharma company is trading at ₹14 as grey market premium.

The estimated listing price of the SME IPO is likely to be ₹93 per share, which is 17.72% higher than the IPO price of ₹79.

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Published: 19 Feb 2024, 09:29 PM IST