 "Supriya Lifescience IPO fully subscribed within hours of opening")
The initial public offer of Supriya Lifescience Ltd was fully subscribed within a few hours of opening for subscription on Thursday on the back of a strong response from retail investors.
The IPO received bids for 3,38,75,982 shares as against 1,45,28,299 shares on offer, translating into 2.33 times subscription, as per data with the NSE.
The category for Retail Individual Investors (RIIs) was subscribed 11.84 times and those for non-institutional investors received 66 per cent subscriptions.
Supriya Lifescience's Initial Public Offer (IPO) has a fresh issue of up to Rs 200 crore and an offer for sale of up to Rs 500 crore. The price range is Rs 265-274 per share.
On Wednesday, the company raised Rs 315 crore from anchor investors.
The proceeds from the fresh issue will be used for funding capital expenditure requirements, repaying debt, and general corporate purposes.
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Supriya Lifescience is one of the key Indian manufacturers and suppliers of active pharmaceutical ingredients, with a focus on research and development.
ICICI Securities and Axis Capital are the managers of the offer.