Onyx Biotec IPO: NSE SME issue fully booked within hours of launch, check offer size, price band and other key details

Onyx Biotec Limited IPO was fully subscribed within hours of launch on Wednesday, November 13. The NSE SME issue saw strong demand from retail individual investors.

Investors across categories applied for 96.54 lakh shares compared to 32 lakh shares on offer leading to an overall subscription of over 3 times, according to the NSE data.

The retail investors applied for 85.20 lakh shares against 16 lakh shares on offer. The retail portion of the IPO was booked 5.32 times. The Non-Institutional Investors’ (NIIs) category was subscribed 1.65 times with bids for 11.34 lakh shares compared to 6.88 lakh shares set aside for the segment. However, the Qualified Institutional Buyers (QIBs) category did not receive any applications. The company has reserved 9.12 lakh shares for QIBs.

Onyx Biotec IPO offer size and price band

Onyx Biotec IPO is a book-building issue worth ₹29.34 crore. The public offer comprises entirely a fresh issuance of 48.1 lakh shares. The IPO price band has been fixed at ₹58 to ₹61 per share.

Retail investors interested in applying for the IPO can place bids for a minimum of 2,000 shares, which aggregates to an investment of ₹1,22,000. On the other hand, High Networth Individuals (HNIs) can apply for a minimum of 2 lots, or 4,000 shares, amounting to an investment of ₹2,44,000.

Onyx Biotec IPO dates

Onyx Biotec IPO subscription is open from Wednesday, November 13, to Monday, November 18. The IPO share allotment status is likely to be finalised on Tuesday, November 19.

After the finalisation of the share allotment status of the public issue, refunds will be initiated for unsuccessful bidders on Wednesday, November 20. Successful bidders will receive shares of the company in their Demat accounts on Wednesday as well. The company's shares will be listed on the NSE SME platform, Emerge. The tentative listing date for the company's shares is Thursday, November 21.

Onyx Biotec IPO registrar

The registrar for Onyx Biotec IPO is Mas Services Limited and the book-running lead manager for the public issue is Horizon Management Private Limited. The market maker for the issue is Giriraj Stock Broking.

Onyx Biotec Promoters

The promoters of the company include Sanjay Jain, Naresh Kumar and Fateh Pal Singh. Before the public issue, the promoters held an 88.6% stake in the company.

Onyx Biotec: Key financials

Onyx Biotec’s revenue for Q1FY25 stood at ₹10.54 crore, the company posted a profit-after-tax of ₹1.3 crore in the June quarter. The company's net worth stood at ₹26.18 crore at the end of the June quarter of FY25.

Revenue of the company for FY24 increased by over 36% to ₹53.87 crore compared to ₹39.61 crore in FY23. The company’s net profit for the fiscal ended March 31, 2024, grew over 64% to ₹3.03 crore compared to a net profit of ₹1.84 crore in the preceding fiscal. The net worth of the company increased nearly 36% to ₹24.87 crore from ₹18.2 crore in the preceding fiscal.

Onyx Biotec IPO objective

The company plans to use the money raised via the public issue to upgrade its manufacturing unit to manufacture large-volume parenteral for intravenous use. A portion of the proceeds will also be used for setting up a high-speed carton-packaging line for dry powder injections at one of the company’s manufacturing facilities. The IPO proceeds will also be used for repayment of the company’s borrowings and for general corporate purposes.

About Onyx Biotec Limited

Onyx Biotec Limited was incorporated in May 2005. The company provides sterile water for injections and also serves as a pharmaceutical contract manufacturer. The company offers a range of Dry Powder Injections and Dry Syrups for both the Indian and overseas markets in its contract manufacturing business.

The company has two manufacturing units in Solan, Himachal Pradesh. Notable clients of the company include Hetero Healthcare Limited, Mankind Pharma Limited, Sun Pharmaceutical Industries Limited, Aristo Pharmaceuticals Private Limited, Macleods Pharmaceuticals Limited, Mapra Laboratories Private Limited and Axa Parenterals Limited. The company had 175 employees as of July 31, 2024.