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The initial public offer (IPO) of Medicamen Organics received bids for 8,95,20,000 shares as against 31,00,000 shares on offer, as per NSE data as of 17:00 hours on Friday (21 June 2024). The issue was subscribed 28.87 times.
The issue opened for bidding on Friday (21 June 2024) and it will close on Tuesday (25 June 2024). The price band of the IPO is fixed between at Rs 32 to Rs 34 per share. The minimum order quantity is 4,000 equity shares. The equity shares will list on NSE’s SME platform.
The IPO comprises fresh issue of 31,00,000 equity shares.
About 1,72,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 29,28,000 equity shares. The issue and the net issue will constitute 26.49% and 25.02% respectively of the post offer paid up equity share capital of the company.
The company intends to utilize the net proceeds to meet funding to working capital requirements, funding of expenses proposed to be incurred towards product registration in the international markets, plant updation and increase in production capacity and general corporate purpose.
Ahead of the IPO, Medicamen Organics on Thursday, 20 June 2024, raised Rs 2.97 crore from anchor investors. The board allotted 8.76 lakh shares at Rs 34 per share to 2 anchor investors.
Medicamen Organics engaged in developing, manufacturing and distribution of broad range of pharmaceutical dosage including generic dosage in form of tablets, capsules, oral liquids, ointments, gel, syrups, suspension and dry powders for government and private institutions as contract manufacturer or third party manufacturer. The company market its product to private pharma companies in domestic as well as international markets through third party distributors or on loan license basis.
Further, the company is also strategically focusing on establishing a direct presence in international market for an instance in fiscal 2023 and 2024, the company has directly exported its product in Burundi. It has a track record of operating B2B model which covers contract manufacturing model. Its products are marketed across India as well as African, CIS and south East Asian Countries like Congo, Benin, Cameg, Togo, Senegal, Burkina Faso, Philippines, Myanmar, Mozambique, Togo, Burundi, Kyrgyzstan and Kenya by our third-party distributor. As on 31 March 2024, the company has total 112 employees.
The company recorded revenue from operations of Rs 25.27 crore and net profit of Rs 2.40 crore for the period as on 31 December 2024.
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