IPO receives bids for 1.30 crore shares
The initial public offer (IPO) of GreenSignal Bio Pharma received bids for 1.30 crore shares, on the fifth day of bidding for the IPO today, 16 November 2016. The IPO was subscribed 89%, data showed at 16:15 IST on the National Stock Exchange of India (NSE). The IPO had opened for bidding on 9 November 2016.
Due to poor response from investors, GreenSignal Bio Pharma extended the bidding period for its IPO. The issue closing date has been extended till 17 November 2016. The bidding for the IPO was previously scheduled to end on 11 November 2016. However, the price band for the IPO has been kept unchanged 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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