IPO receives bids for 23.62 lakh shares
The initial public offer (IPO) of GreenSignal Bio Pharma received bids for 23.62 lakh shares, on the second day of bidding for the IPO today, 10 November 2016. The IPO was subscribed 16%, data showed at 17:00 IST on the National Stock Exchange of India (NSE). The issue closes tomorrow, 11 November 2016. The price band for the IPO has been fixed at Rs 76 to Rs 80 per share.
The issue comprises 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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