Emcure Pharma Raises Rs 582 Crore From Anchor Investors Prior To IPO Launch

Emcure Pharmaceuticals Ltd. has raised Rs 582 crore from anchor investors, ahead of its initial public offering.

The company allotted 57.79 lakh shares at Rs 1,008 apiece to 48 anchor investors.

ICICI Prudential Pharma Healthcare and Diagnostics Fund got the highest allocation of 5.15%. Abu Dhabi Investment Authority-Monsoon, Goldman Sachs Funds-Goldman Sachs India Equity Portfolio, and Nomura India Investment Fund Mother Fund got 4.93% stake each in the Bain Capital-backed company. SBI Magnum Children's Benefit Fund-Investment Plan bagged 4.12% stake in the company.

Sixteen domestic mutual funds have applied through a total of 29 schemes, Emcure Pharmaceuticals said in an exchange filing on Tuesday. They have collectively netted 48.72% of the anchor portion of Rs 582 crore.

SBI Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund and HDFC Mutual Fund were among the top fund houses in this category.

The leading book managers for the anchor round were Kotak Mahindra Capital Co., Axis Capital Ltd., JPMorgan India Pvt. and Jefferies India Pvt.

The company will launch its IPO to raise up to Rs 1,952 crore on Wednesday.

The company has set a price band of Rs 960–1,008 per share for its three-day IPO, which consists of a fresh issue of Rs 800 crore and an offer for sale of 1.14 crore equity shares. The minimum application lot size is 14 shares.

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The offer, which concludes on Friday, is set to list on the BSE and the NSE.