The Sudeep Pharma IPO, which opened on November 21, is set to close today, November 25. On its second day of bidding, the issue saw strong investor interest, with subscription at 5.09 times. Investors can still apply until the closing date.
The IPO is priced between ₹563 and ₹593 per share. Allocation includes up to 50% for qualified institutional buyers (QIBs), a minimum of 15% for non-institutional investors (NIIs), and at least 35% for retail investors. Provisional allotment will be announced on November 26, with refunds processed on November 27, the same day shares will be credited to investors’ demat accounts. Trading on BSE and NSE is expected to begin on November 28.
Sudeep Pharma, based in Gujarat, is a leading producer of food-grade iron phosphate for infant nutrition, clinical nutrition, and food and beverage industries, operating six plants with a total capacity of 50,000 MT and producing minerals including calcium, iron, magnesium, zinc, potassium, and sodium.
Grey market trends show a current premium (GMP) of ₹86, suggesting a strong listing around ₹679, 14.5% above the IPO price. The IPO includes new shares worth ₹95 crore and an offer for sale of 1.35 crore shares, raising ₹800 crore, with proceeds partly used for machinery at the Nandesari facility. ICICI Securities and IIFL Capital are the merchant bankers, with MUFG Intime India as registrar.
