IPO subscribed 1.02 times
The initial public offer (IPO) of GreenSignal Bio Pharma saw moderate response from investors. The issue received bids for 1.48 crore shares compared with 1.45 crore shares on offer. The IPO was subscribed 1.02 times. The qualified institutional buyers (QIBs) category was subscribed 0.21 times. The non-institutional investors' category was subscribed 0.13 times. The retail investors category was subscribed 8.47 times.
Meanwhile, the Book Running Lead Manager (BRLM) to GreenSignal Bio Pharma has informed the exchange that according to 26 (2) of SEBI (ICDR) Regulations, if 75% of the net offer to public cannot be allotted to QIBs, the entire application money shall be refunded forthwith. Hence, the IPO of GreenSignal Bio Pharma may be treated as withdrawn.
The bidding for the IPO opened on 9 November and closed on 22 November 2016. The company had extended the bidding period for its IPO on 17 November 2016. The price band for the IPO was also revised to Rs 68 to Rs 76 per share from Rs 76 to Rs 80 earlier.
The issue comprised of offer for sale of 1.46 crore equity shares by the selling shareholders. The selling shareholders comprises of Promoters and Group namely P. Sundaraparipooranan, P. Murali, Mallika Murali (total of 1.22 crore shares) and other selling shareholders namely Avon cycles (23.75 lakh shares) and R Srinivasan (0.19 lakh shares). The object of the offer is to enhance the visibility and brand image among the existing and potential customers and provide liquidity to existing shareholders.
GreenSignal Bio Pharma is an Indian vaccine manufacturing company that develops, manufactures and sales BCG vaccine. It produces two products, i.e., BCG vaccine for immunization against tuberculosis and BCG-ONCO for immunotherapy (freeze dried) BP for the treatment of urinary bladder carcinoma under the brand name, Urovac. For the June 2016 quarter, the company reported net sales of Rs 10.15 crore and profit after tax of Rs 2.94 crore.
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