Sudeep Pharma IPO To Open On Nov 21; Sets Price Band — Check Details

Sudeep Pharma Ltd. on Tuesday announced the price band for its upcoming initial public offering. The IPO will open for subscription on Nov. 21 and close on Nov. 25.

Investors can bid in the range of Rs 563 to Rs 593 per share, according to the company statement.

The minimum bid lot size is 25 shares, requiring an investment of Rs 14,075 at the lower price band and Rs 14,825 at the upper price band.

The allotment of shares to IPO investors will be done tentatively on Nov. 26. Sudeep Pharma will likely list on the BSE and NSE on Nov. 28.

The public offer will include a mix of fresh issues of shares worth Rs 95 crore and an offer for sale of 1 crore shares by existing shareholders, according to the draft red herring prospectus that was filed on Tuesday.

Sujit Jaysukh Bhayani, Sujeet Jaysukh Bhayani HUF, Shanil Sujit Bhayani and Avani Sujit Bhayani are the promoter selling shareholders offloading stakes in the OFS segment.

ICICI Securities Ltd. and IIFL Capital Services Ltd. are the book-running lead managers for the issue and MUFG Intime India Pvt. will be the registrar of the issue.

The proceeds from the fresh issue will be utilised for capital expenditure towards procurement of machinery for the company's production line located at Nandesari facility.

The equity shares are proposed to be listed on the National Stock Exchange of India and BSE Ltd.

Sudeep Pharma is a technology-driven manufacturer specialising in excipients and specialty ingredients for the pharmaceutical, food and nutrition industries. The company has developed technologies, including encapsulation, spray drying and granulation.

With a significant global footprint, Sudeep Pharma serves markets across the US, South America, Europe, West Asia, Africa and Asia-Pacific. As per the DRHP, the company is recognised as one of the largest producers of food-grade iron phosphate, which is widely used in infant nutrition, clinical nutrition, and the food and beverage sectors.