Speciality Medicines IPO fully subscribed on Day 3: Check allotment date and steps

Speciality Medicines IPO: The initial public offering of speciality pharmaceutical products manufacturer Speciality Medicines was fully subscribed on the final day of bidding on Tuesday, March 24.

The initial share sale has received bids for 23,39,000 shares compared to 23,50,000 shares on offer, according to the BSE data until 11:38 am.

The quota for qualified institutional buyers (QIBs) got 1.00 times subscription. The portion for individual investors received 29% subscription, and the part for non-institutional investors (NIIs) got subscribed 1.61 times.

The ₹29.14 crore initial share sale is purely a fresh issuance of 23.50 lakh shares, with no offer for sale component.

"In addition, our company expects to receive the benefits of listing of the equity shares on the stock exchange, including enhancement of our company's brand name and creation of a public market for our equity shares in India," according to the red herring prospectus (RHP).

With a price band of ₹117 to ₹124 per share, a lot consisted of 1,000 shares. Individual investors can apply for a minimum of two lots or 2,000 shares.

The funds raised will be used to establish a research & development (R&D) facility, product registration in international markets and product development, marketing and promotional activities, working capital requirements and general corporate purposes.

Speciality Medicines markets and distributes finished formulations of speciality pharmaceutical products, consisting of high-cost oral and injectable medications utilised in the treatment of complex and chronic medical conditions in therapeutic areas like immunology, neurology, oncology and rare diseases.

Speciality Medicines IPO allotment and listing date

Speciality Medicines IPO allotment status is expected to be finalised on Wednesday, March 25. The listing on the BSE SME platform will take place on March 30.

How to check Speciality Medicines IPO allotment status on BSE

• Visit the BSE's bid finalisation page: https://bseindia.com/investors/appli_check.aspx.
• Keep ‘Equity’ as the issue type
• From the ‘Issue Name’ list, pick 'Speciality Medicines Ltd'
• Add either your PAN or IPO application number
• Press the ‘Search’ button

Steps to check Speciality Medicines IPO allotment status on Skyline Financial Services

• Visit the IPO status page of Skyline Financial Services: https://www.skylinerta.com/ipo.php
• Select the company name from the dropdown menu.
• Add either your DPID/Client ID, application number or PAN number
• Click on 'Search'