Emcure Pharma Shares End At 35.2% Premium Over IPO Price

Shares of Emcure Pharmaceuticals Ltd. closed at a 35.2% premium at Rs 1,363.65 apiece, over the issue price of Rs 1,008 per share on BSE. They opened at Rs 1,364.20 per share on NSE.

The initial public offering of Emcure was subscribed 67.87 times on its third and final day, led by institutional investors. The IPO consisted of a fresh issue of up to Rs 800 crore and an offer for sale of 1.14 crore equity shares.

"The company is flabbergasted with the (subscription) response," Chairperson Berjis Desai said. "We are looking forward to this new journey."

Desai highlighted that the pharma major's existing systems and processes align well with those expected of a listed company, ensuring a smooth transition for the company.

Emcure is bullish on the Indian markets and finds a lot of growth opportunities, said Chief Executive Officer Satish Mehta. He also emphasised that many emerging markets try to mimic the country along with keeping an India-centric strategy.

The company plans to allocate the net proceeds of the IPO to general corporate purposes, which might include funding organic and inorganic growth opportunities, including acquisitions and investment in subsidiaries.