Sudeep Pharma IPO shares list today; check latest GMP ahead of stock market debut

Shares of Sudeep Pharma are set to make their Dalal Street debut on Friday, November 28 and the pharmaceutical excipients manufacturer is likely to deliver a healthy listing pop to the investors considering the revival in its premium in the unofficial market and strong sentiments in the listed equity markets. Ahead of listing, Sudeep Pharma has seen a strong rise in its grey market premium (GMP) led by strong bids and buoyed sentiments in the markets. Last heard, it was commanding a GMP of Rs 115-120 in the unofficial market, suggesting a listing pop of 20-21 per cent for the investors. The GMP stood around Rs 85-90 when the issue had closed for bidding. The IPO of Sudeep Pharma was open for subscription between November 21 and November 25. It had offered its shares in the price band of Rs 563-593 per share with a lot size of 25 shares. The company raised a total of Rs 895 crore from its IPO, which included a fresh share sale of Rs 95 crore and an offer-for-sale (OFS) of up to 1,34,90,726 equity shares worth Rs 800 crore. The issue was overall subscribed 93.72 times, attracting bids over Rs 58,700 crore through over 29.86 lakh applications. The portion for qualified-institutional bidders (QIBs) was subscribed 213.08 times, while the non-institutional investors (NIIs) quota was booked 116.72 times. The allocation for retail investors was subscribed 15.65 times during the three-day bidding process. Vadodara-based Sudeep Pharma, incorporated in 1989, is a manufacturer of pharmaceutical excipients, food-grade minerals, and specialty nutrition ingredients serving over 100 countries. It operates six manufacturing facilities with a combined production capacity of 50,000 MT, specializing in minerals such as calcium, iron, magnesium, zinc, potassium, and sodium. Brokerage firms were mostly positive on the IPO of Sudeep Pharma, suggesting to subscribe to it. ICICI Securities and IIFL Capital Services were the book running lead managers for the Sudeep Pharma IPO and MUFG Intime India was appointed as the registrar for the issue.