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The initial public offer (IPO) of Sudarshan Pharma Industries received bids for 24,08,000 shares as against 68,62,400 shares on offer, as per BSE data as of 17:00 hours on Thursday (9 March 2023). The issue was subscribed 0.35 times.
The issue opened for bidding on Thursday (9 March 2023) and it will close on Tuesday (14 March 2023). The price band of the issue is Rs 71-73 per share. The minimum order quantity is 1,600 shares. The equity shares are proposed to be listed on the SME platform of BSE.
The IPO comprises fresh issue of 68,62,400 equity shares. About 3,44,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 65,18,400 equity shares. The issue and the net issue will constitute 28.52% and 27.09%, respectively of the post issue paid-up equity share capital of the company.
The promoter and promoter group shareholding will dilute to 57.39% post IPO from 80.28% pre-IPO.
The company intends to utilize the net proceeds from the issue for working capital requirements and general corporate purposes.
Sudarshan Pharma Industries is primarily engaged in production and distribution of specialty chemicals & intermediates for pharma, agro chemicals, coating, paints, adhesive and various other industries. As on 30 November 2022, the company had total of 43 employees.
On a consolidated basis, the company recorded a revenue from operations of Rs 195.49 crore and net profit of Rs 3.60 crore for the period ended on 31 September 2022.
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