Poly Medicure shares rise over 2% on ₹1,000-crore fundraise via QIP

In a filing to the stock exchanges on August 22, the company said that its Board approved allotment of 53,19,148 equity shares to eligible qualified institutional buyers and closed the issue for its QIP.

The company’s QIP Committee approved the allotment of shares to eligible qualified institutional buyers (QIBs) at an issue price of ₹1,880 per equity share, at a premium of ₹1,875 apiece. This aggregated to approximately ₹1,000 crore.

Poly Medicure said that its paid-up equity share capital increased from ₹47,98,57,085 consisting of 9,59,71,417 equity shares to ₹50,64,52,825 consisting of 10,12,90,565 shares after the issue. The QIP was open from August 19 to August 22.

As many as 14 participants in the QIP were allocated more than 5% of the equity shares offered in the issue. Lighthouse India Fund IV AIF was allotted the highest number of shares (10,90,426 shares), or 20.5%, of the total issue size. The second biggest allottee was SBI Healthcare Opportunities Fund as it was allotted 6,38,297 shares, or 12%, of the total issue size.

Other major allottees included SBI Long Term Advantage Fund - Series V, Nomura Funds Ireland Public Ltd - Nomura Funds Ireland - India Equity Fund and ICICI Prudential Life Insurance Company Ltd.

The company’s consolidated revenue from operations in Q1FY25 increased nearly 20% to ₹384.77 crore compared to ₹320.83 crore in Q1FY24. Sequentially, the company’s revenue from operations increased nearly 2% from ₹378.07 crore in Q4FY24.

In the June quarter of FY25, Poly Medicure’s consolidated profit after tax (PAT) increased 18% to ₹74.03 crore compared to ₹62.69 crore in the corresponding quarter of the preceding fiscal. In Q1FY25 the company’s PAT increased more than 8% from ₹68.35 crore in the March quarter of FY24.