Pharmaceutical products distributor Mono Pharmacare IPO has finally registered good subscription numbers on the last day that is August 30th,2023 . The offer has subscribed 12.77 times three days as the relevant investors have already bought 6.76 crore equity shares against the IPO size of 53 lakh shares.
Retail investors have reportedly bid 19.4 times the allotted quota and high networth individuals have bought 8.1 times the portion set aside for them. Qualified institutional buyers also brought to light strong investors, as their reserved portion was subscribed 10.83 times.Out of the entire issue size, the company has reserved an amount of 2.76 lakh shares for the market maker and the issue less than market maker portion is the net issue. More of the net issue, 10 percent (5,02,400 shares) portion was reserved for qualified institutional buyers and the remaining 90 percent portion was equally divided in the 1:1 ratio amongst retail investors (22,60,800 shares) and for the high net-worth individuals (22,60,800 shares). The public issue, which was opened first on August 28, was a book-built issue with a price band of around Rs 26-28 for each share.
Mono Pharmacare, which is heavily involved in the business of marketing of pharmaceutical products and also being a distributor of numerous pharmaceutical companies, supplies only to Ahmedabad city in Gujarat.