Quest Laboratories IPO closes with 85 times subscription: Check allotment status, listing and other details

The Quest Laboratories IPO closed with a strong subscription, led by huge demand from the non-institutional investors, on the last day of bidding on Friday, May 17. The initial public offer of the pharmaceutical company was booked more than 85 times.

The public issue received bids for over 25.47 crore shares against 29.85 lakh shares on offer, according to the NSE data.

The retail portion of the IPO was booked 57.62 times with biddings for more than 8.63 crore shares against 14.98 lakh shares on offer for the category. The NIIs’ segment was subscribed over 184 times as the investors applied for more than 12.08 crore shares against 6.55 lakh shares set aside for them.

In the qualified institutional buyers (QIBs) category the public issue received bids for more than 4.75 crore shares against 8.31 lakh shares on offer, leading to a subscription of 57.2 times.

Quest Laboratories IPO was open for subscription from May 15 to May 17. The NSE SME IPO was a book-built issue worth ₹43.16 crore comprising a completely fresh issue of 44.5 lakh shares.

Quest Laboratories IPO allotment, listing and other details

The Quest Laboratories IPO price band was fixed in a range of ₹93 to ₹97. The lot size for retail investors was 1200 shares, aggregating to a minimum investment of ₹1,16,400.

The Quest Laboratories IPO share allotment status is expected to be finalised on May 21. Allotted shares will be credited to the Demat accounts of successful bidders by May 22. Quest Laboratories shares are expected to get listed on the NSE SME platform, Emerge, on May 23.

The book running lead manager for the issue is Shreni Shares Limited and Bigshare Services Pvt Ltd is the registrar for the issue.

Quest Laboratories IPO objective

The company proposes to utilise the proceeds from the IPO for the funding capital expenditure for buying machinery for expansion at the existing manufacturing facility. The funds raised via the IPO will also be used for funding working capital requirements of the company.

About Quest Laboratories Limited

Quest Laboratories was incorporated in June 1998, the pharmaceutical company is engaged in manufacturing a range of antibiotics, antimalarials and antispasmodics, among others.

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