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19 Dec 2024
Quest Laboratories Limited IPO
Quest Laboratories Ltd. (QLL) is engaged in the business of manufacturing of pharmaceutical formulations across a broad spectrum, including antibiotics, antimalarials, antispasmodics, anti-inflammatories, antiemetics, respiratory medications, diabetes treatments, antidepressants and more. These formulations fall under the trademark "Quest Laboratories Limited". The company produces a variety of products, comprising ethical drugs, generic drugs and over-the-counter drugs (OTC). These products are available in various forms such as tablets, liquid orals, oral dry powders, oral powders (ORS), ointments and external liquids. This comprehensive approach allows the Company to address a wide range of medical needs and preferences among patients.
QLL operates in the domestic market across twelve (12) states and two (2) union territories namely Uttar Pradesh, Madhya Pradesh, Maharashtra, Delhi, Jharkhand, Assam, Karnataka, Jammu & Kashmir, Rajasthan, West Bengal Gujarat, Telangana, Haryana and Bihar. Quest Laboratories IPO is a book-built issue of Rs 43.16 crores. The issue is entirely a fresh issue of 44.5 lakh shares. Quest Laboratories IPO price band is set at ₹93 to ₹97 per share. The minimum lot size for an application is 1200 Shares. Shreni Shares Limited is the book running lead manager of the Quest Laboratories IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Quest Laboratories IPO is Rikhav Securities.
Quest Laboratories IPO Overview
| Detail | Description |
|---|---|
| IPO Date | May 15, 2024 to May 17, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹93 to ₹97 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 4,449,600 shares (aggregating up to ₹43.16 Cr) |
| Fresh Issue | 4,449,600 shares (aggregating up to ₹43.16 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 11,937,600 |
| Share holding post issue | 16,387,200 |
| Market Maker portion | 228,000 shares |
Quest Laboratories IPO Timeline (Tentative Schedule)
| Detail | Description |
|---|---|
| IPO Open Date | Wednesday, May 15, 2024 |
| IPO Close Date | Friday, May 17, 2024 |
| Basis of Allotment | Tuesday, May 21, 2024 |
| Initiation of Refunds | Wednesday, May 22, 2024 |
| Credit of Shares to Demat | Wednesday, May 22, 2024 |
| Listing Date | Thursday, May 23, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 17, 2024 |
Quest Laboratories IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹116,400 |
| Retail (Max) | 1 | 1200 | ₹116,400 |
| HNI (Min) | 2 | 2,400 | ₹232,800 |
Quest Laboratories IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Quest Laboratories IPO Promoter Holding
| Share Holding Pre Issue | 90.36% |
| Share Holding Post Issue | 65.82% |
Quest Laboratories IPO Anchor Investors Details
| Bid Date | May 14, 2024 |
| Shares Offered | 1,236,000 |
| Anchor Portion Size (In Cr.) | 11.99 |
| Anchor lock-in period end date for 50% shares (30 Days) | June 20, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | August 19, 2024 |
Company & Financials
Incorporated in June 1998, Quest Laboratories Limited is a pharmaceutical company manufacturing a range of antibiotics, antimalarials, antispasmodics, anti-inflammatories, antiemetics, respiratory medications, diabetes treatments, antidepressants and more. The company operates in the domestic market across twelve (12) states and two (2) union territories. These include Uttar Pradesh, Madhya Pradesh, Maharashtra, Delhi, Jharkhand, Assam, Karnataka, Jammu & Kashmir, Rajasthan, West Bengal, Gujarat, Telangana, Haryana and Bihar. The manufacturing unit of the company is located in Dhar, Madhya Pradesh. The company holds WHO Schedule M GMP and GLP certifications, as well as ISO/IEC 17025:2017 and ISO 9001:2015 certifications. By December 31st, 2023, the company employs 83 individuals to look after various aspects of its manufacturing operations, including production, quality control, technical and engineering support services, inventory management, administration, accounting, and other functions such as storage, packing and dispatch.
Quest Laboratories Limited Financial Information
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 | ||||||||||||||||||||||||||||||||||||
| Assets | 5,869.09 | 4,664.72 | 3,479.86 | 1,839.63 | ||||||||||||||||||||||||||||||||||||
| Revenue | 6,217.83 | 6,186.60 | 5,954.20 | 3,043.55 | ||||||||||||||||||||||||||||||||||||
| Profit After Tax | 774.93 | 502.85 | 410.50 | 65.50 | ||||||||||||||||||||||||||||||||||||
| Net Worth | 2,277.15 | 1,502.21 | 999.38 | 588.84 | ||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 1,198.39 | 1,394.33 | 891.50 | 480.96 | ||||||||||||||||||||||||||||||||||||
| Total Borrowing | 460.66 | 409.69 | 312.54 | 304.03 | ||||||||||||||||||||||||||||||||||||
| Amount in ₹ Lakhs | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
| ROE | 34.03% |
| ROCE | 41.86% |
| Debt/Equity | 0.2 |
| RoNW | 34.03% |
| P/BV | 4.59 |
| PAT Margin (%) | 12.48 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.21 | 6.31 |
| P/E (x) | 23.03 | 15.38 |
Objectives of Quest Laboratories IPO
The company proposes to utilize the Net Proceeds from the Issue towards funding the following objectives:
- 1. Funding of capital expenditure towards purchase of plant and machinery for expansion at the existing manufacturing facility.
- 2. Funding working capital requirements of the company.
- 3. General corporate purposes.
Quest Laboratories IPO Review
The company is operating in a highly competitive and fragmented segment. It posted bumper profits from FY22 onwards, which raised eyebrows and concern over its sustainability going forward. Based on FY24 annualized super earnings, the issue appears fully priced. Well-informed/cash surplus investors may park moderate funds for the medium term.
FAQs for Quest Laboratories IPO
-
What Is The Size Of The Quest Laboratories IPO?
The offer size of Quest Laboratories Limited is INR 43.16 crores, consisting of a fresh issue of 44,49,600 shares. The company seeks funds to invest in expansion, cover working capital needs, and meet general corporate goals.
-
What Is The Price Band Of The Quest Laboratories IPO?
The price band of the issue is INR 93-97 per share.
-
When will Quest Laboratories Ltd's IPO be allotted?
The Basis of Allotment will happen on Tuesday, May 21, 2024.
-
When will Quest Laboratories Ltd's IPO open for subscription?
The IPO subscription window will open on May 17, 2024.
-
What minimum lot size can retail investors subscribe to?
The lot size for Quest Laboratories Limited’s IPO is 1,200 shares, with a minimum investment of ₹1,16,400.
-
When will Quest Laboratories Ltd list on exchanges?
The listing date for Quest Laboratories is Thursday, May 23, 2024.
RHP:
RHP of Quest Laboratories Limited IPO
DRHP:
DRHP of Quest Laboratories Limited IPO
-
What Is The Size Of The Quest Laboratories IPO?
The offer size of Quest Laboratories Limited is INR 43.16 crores, consisting of a fresh issue of 44,49,600 shares. The company seeks funds to invest in expansion, cover working capital needs, and meet general corporate goals.
-
What Is The Price Band Of The Quest Laboratories IPO?
The price band of the issue is INR 93-97 per share.
-
When will Quest Laboratories Ltd's IPO be allotted?
The Basis of Allotment will happen on Tuesday, May 21, 2024.
-
When will Quest Laboratories Ltd's IPO open for subscription?
The IPO subscription window will open on May 17, 2024.
-
What minimum lot size can retail investors subscribe to?
The lot size for Quest Laboratories Limited’s IPO is 1,200 shares, with a minimum investment of ₹1,16,400.
-
When will Quest Laboratories Ltd list on exchanges?
The listing date for Quest Laboratories is Thursday, May 23, 2024.
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