Saroja Pharma Industries India IPO | The issue price was set at 84 rupees per share. Offer ends September 5th.
Mumbai-based pharmaceutical trader Saroja Pharma Industries India will start its public offering on August 31.
The issue price was set at 84 rupees per share. Offer ends September 5th.
The Company intends to raise Rs.9.11 crore from 10,84,800 shares, all new issues. Of this, 54,400 shares valued at 45.69 lakh rupees will be reserved for the market maker.
The total issue will represent 26.98 percent of the post-issuance paid-up equity. The Company has reserved 50 percent or 5,15,200 shares of the net issue of 10,30,400 shares for retail investors and the remaining 50 percent for high net worth individuals whose investment value is over Rs.2 lakh rupees.
Investors may bid for a minimum of 1,600 shares and thereafter in multiples of 1,600 shares. This means that retail investors can only invest in a single property worth Rs. 1,34,400 as their IPO application size is limited to up to Rs. 2 lakh.
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Saroja Pharma, which intends to enter into API manufacturing, will use the proceeds of the issue to set up an API (active pharmaceutical ingredient) manufacturing unit (Rs. 7.05 crore) and pay off debts of Rs. 1.75 crore. The remaining 31.35 lakh rupees will be used for issuance costs.
The Company is principally engaged in the pharmaceutical business and involves the marketing, trading and distribution of a wide range of finished pharmaceutical formulations and products manufactured to order. The company is present in countries such as Pakistan, United Kingdom, Jordan, Singapore, Belarus, Uruguay, Australia, Germany, Egypt, Netherlands, Ireland and Kenya.
The pharmaceutical dealer wants to produce anthelmintics for human, tropical and veterinary medicine at low cost. Therefore, a Rs. 23 billion manufacturing facility will be built in Nashik, Maharashtra.
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The shares will be listed on September 13th according to the IPO schedule on the NSE’s Emerging Platform.
Swastika Investmart is the merchant banker of the offering while Kfin Technologies is the registrar of the offering.
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