Pharmaceutical company JFL Life Sciences launched its initial public offering (IPO) on Thursday. The issue can be subscribed until August 30th. On the first day, non-institutional investors (NIIs) and retail investors (RIIs) have currently expressed interest in the issue. To date, the IPO has been subscribed for by more than 46% of the total size offered. The company plans to increase approx €18.17 million from the public offering. The IPO is only available for bidding on the NSE.
According to NSE data, the offering received around 4.20 bids for 13,72,000 shares — representing 46.07% of the total size of 29,78,000 shares on offer.
Additionally, the data shows that qualified institutional buyers (QIBs) placed ZERO bids. While NIIs bid for 3,42,000 shares, RIIs, on the other hand, placed the highest bid of 10,30,000 shares.
A total of 29,78,000 shares with a nominal value of €10 each are offered at an issue price of €61 per common share. The problem size is approx €1,816.58 lakhs.
From the total issue add up to about 1.5 lakh shares €91.50 lakh is reserved for subscription by the market maker.
GYR Capital Advisors is the lead manager for the offering.
Upon issuance, JFL Life Sciences will be listed on NSE Emerge.
JFL Life Sciences plans to use net proceeds to repay secured and unsecured loans; also to finance working capital needs; and for general corporate purposes.
JFL Life Sciences, headquartered in Ahmedabad, Gujarat, is engaged in the manufacture of pharmaceutical products. The company operates both nationally and internationally. With a market presence in PAN India, JFL products are supplied to 10 developed and developing countries around the world.
To maintain its competitiveness and advance healthcare, JFL has established a strong R&D base and an FDA-approved, state-of-the-art manufacturing facility near Ahmedabad.
The company mainly exports its products to African countries, Middle East countries and CIS countries, mainly through trade exporters.
As of February 28, 2022, JFL’s domestic sales account for 23.02% while export sales account for 76.98%. Total revenue from FY19-FY21 increased just 1.70%, while profit after tax increased 33.87% from FY19-FY21.
Get all the business news, market news, breaking news and latest news updates on Live Mint. Download the Mint News app for daily market updates. More less
Subscribe to something Mint newsletter
* Enter a valid email address
* Thank you for subscribing to our newsletter.
Comments are closed.