Sudeep Pharma IPO date: Price band set at ₹563 to ₹593 per share; a look at lot size, objectives and key details

Sudeep Pharma IPO: The initial public offering of Sudeep Pharma, which is involved in the manufacturing of mineral-based excipients and supplements for the pharmaceutical and food industries, will open for subscription on Friday, November 21. The issue will conclude on November 25.

The initial share sale, with a price band of ₹563 to ₹593 per share, seeks to raise ₹895 crore by offering new equity shares worth ₹95 crore and an offer for sale (OFS) of ₹800 crore by promoters Sujit Jaysukh Bhayani, Sujeet Jaysukh Bhayani HUF, Avani Sujit Bhayani and Shanil Sujit Bhayani.

Of the fresh issue proceeds, ₹75.81 crore will be utilised for capital expenditure towards purchasing machinery for its production line located at Nandesari Facility 1 and the remainder of funds for general corporate purposes.

Sudeep Pharma IPO: Lot size

A lot consists of 25 shares and in multiples thereafter. The company has reserved half of the net offer for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

Sudeep Pharma IPO: Allotment and listing dates

The equity shares of the company will be listed on the National Stock Exchange (NSE) and the BSE.

The book-running lead managers of the issue are IIFL Capital Services and ICICI Securities, while MUFG Intime India is the registrar.

About the company

Sudeep Pharma is a technology-led manufacturer of excipients and speciality ingredients for the pharma, food and nutrition sectors. The company leverages its in-house developed technologies for processes like encapsulation, granulation, trituration, spray drying, liposomal preparations and blending to drive innovation in its operations. It operates in domestic and international markets such as the United States, Europe, South America, Africa, the Middle East and Asia-Pacific.

It is among the largest producers of food-grade iron phosphate for infant nutrition, food and beverage and clinical nutrition sectors, according to the F&S Report.

Sudeep Pharma's key customers include Pfizer Inc, Intas Pharmaceuticals, Merck Group, Alembic Pharmaceutical, Aurobindo Pharma, Mankind Pharma, Cadila Pharmaceutical, IMCD Asia Pte Ltd, Danone SA and Micro Labs.