Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
Medicamen Organics shares had a remarkable debut on the NSE SME, listing at ₹137.85 per share, which is a 305.44% premium to the issue price of ₹34.
This exceeded market expectations, as the IPO's grey market premium (GMP) suggested a 205% premium. Launched on June 21 and closed on June 25, the IPO's allotments were finalized on June 26, and the shares listed on June 28.
With a price band set between ₹32 to ₹34 per share, the company raised ₹10.54 crore through a fresh issue of 31 lakh equity shares.
The IPO was massively oversubscribed, with a total subscription rate of 993.56 times: 1,309.77 times in the retail category, 173.03 times in the Qualified Institutional Bidders (QIB) category, and 1,343.83 times in the Non-Institutional Investors (NII) category.
Proceeds will be used for international market product registration, plant updates, increasing production capacity, working capital, and general corporate purposes. GYR Capital Advisors Private Limited managed the IPO, with Kfin Technologies as the registrar.
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