The initial public offering of Sudeep Pharma continued to see strong investor interest during its third and final day of public bidding despite grey market estimates falling sharply. The maiden issue of the Vadodara-based company closed for public bidding after being subscribed nearly 94 times its offer size on November 25.


The IPO of the technology-led manufacturer of excipients and specialty ingredients for the pharmaceutical, food and nutrition industries, received bids for nearly 99 crore shares, as against an offer size of nearly 1.06 crore shares, according to data on NSE.

Non Institutional Investors (NII) have booked the portion reserved for them around 117 times (11,671 percent), while retail investors subscribed their allotted quota nearly 16 times (1,563 percent). Qualified Institutional Buyers (QIB) have subscribed the portion kept for them a whopping 213 times (21,308 percent).

Ahead of listing, the unlisted shares of the company were trading with more than 15 percent grey market premium (GMP) over the IPO price, according to data on Investorgain. The GMP has fallen from the 20.40 percent quoted by the site on November 23.
According to IPO Watch, the unlisted shares of the company were trading with 14.33 percent GMP over the issue price.

Sudeep Pharma launched its IPO to raise Rs 895 crore through a fresh issue of shares worth Rs 95 crore and an offer-for-sale (OFS) of 1.3 crore shares worth Rs 800 crore by existing promoters. The price band for the IPO was set at Rs 563-593 per share.
The IPO was open for public bidding between November 21 and November 25. Retail investors could bid for a minimum of 25 shares, requiring an investment of Rs 14,825 at the upper price band, and in multiples thereafter. The allotments will likely be finalized by November 26, and the shares are scheduled to be listed on stock exchanges on November 28.

Sudeep Pharma aims to use Rs 75.81 crore from the fresh issue proceeds for capital expenditure towards procurement of machinery for its production line located at Nandesari Facility 1, Gujarat and the remained for general corporate purposes.