Bain Capital-backed Emcure Pharmaceuticals on Friday said it has fixed a price band of Rs 960 to Rs 1,008 per share for its Rs 1,952-crore Initial Public Offering (IPO). The initial share sale will be available for public subscription during July 3-5 and the bidding for anchor investors will open for a day on July 2, the company announced.
The IPO comprises fresh issuance of equity shares worth Rs 800 crore and an Offer For Sale (OFS) of 1.14 crore equity shares to the tune of Rs 1,152 crore, at the upper end of the price band, by promoters and existing shareholders. This aggregates the total public size to Rs 1,952 crore.
Those selling shares in the OFS include promoter Satish Mehta and investor BC Investments IV Ltd, an affiliate of US-based private equity major Bain Capital.
Currently, Satish Mehta holds a 41.85 per cent stake in the company and BC Investments owns a 13.07 per cent stake.
Proceeds of the fresh issue will be used towards payment of debt and for general corporate purposes.
Brokerage houses have pegged the company’s market capitalisation to over Rs 19,000 crore post-issue.
The Pune-based firm Emcure Pharmaceuticals is engaged in developing, manufacturing, and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
Employee portion has been reserved up to 108,900 equity shares in the IPO.
Besides, half of the issue size has been reserved for qualified institutional investors (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Further, investors can bid for a minimum of 14 shares and in multiples of 14 shares thereafter.
Kotak Mahindra Capital Company, Jefferies India, Axis Capital, and JP Morgan India are the book-running lead managers to the issue. The equity shares of the company are expected to list on the BSE and NSE on July 10.
Earlier this month, the company received Sebi’s go-ahead to float initial share sale.
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