Monday, November 29, 1999

Parabolic Drugs IPO fully subscribed

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New Delhi, June 17 (PTI) The Rs 200 crore initial public offer (IPO) of pharma firm Parabolic Drugs got fully subscribed on the final day of issue today, with most of the bids coming in from qualified institutional buyers (QIBs). As per the latest data available with the National Stock Exchange, the issue got total demand for 2.77 crore shares as compared to 2.66 crore on offer, thus getting subscribed 1.04 times. Bidding by QIBs was closed yesterday. The Parabolic issue got an enthusiastic response from QIBs and was subscribed 1.48 times in the category. In the non-institutional portion, the IPO got subscribed 1.20 times. However, the portion of the issue reserved for retail investors remained under-subscribed, receiving bids for just 40 per cent of the shares, as per NSE data. The company had entered into the capital markets with its IPO in the price range of Rs 75-85 per share. The issue opened on June 14. Avendus Capital & ICICI Securities are the book-running lead managers to the issue. Parabolic aims to utilise Rs 46 crore from the proceeds to set up a research facility at Panchkula, in Haryana, and about Rs 40 crore towards debt repayment. Currently, the company has two full-fledged manufacturing facilities at Derabassi, in Punjab, and Panchkula.

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