Onyx Biotec had a sluggish debut on Friday, November 22, with shares listing at ₹54 on NSE SME, reflecting an 11.50% discount to the issue price of ₹61. However, the stock rebounded post-listing, rising 5% to ₹56.75.
Also Read: Stocks ₹10 with price to book value less than 1
The issue received strong investor interest, with a 198x oversubscription. The non-institutional segment was oversubscribed 602 times, retail investor applications were 118 times oversubscribed, and the Qualified Institutional Buyer (QIB) portion saw a 32.49x subscription, according to exchange data.
Onyx Biotec is a pharmaceutical company specializing in sterile water for injections, dry powder injections, and dry syrups. It operates two state-of-the-art manufacturing facilities in Himachal Pradesh. Unit I produces 6,38,889 units of sterile water daily, while Unit II manufactures 40,000 units of dry powder injections and 26,667 units of dry syrups.
Also Read: Chemical stocks with low debt to keep a watch on
The objective of the IPO is to raise funds for expanding and enhancing the company’s production capabilities, reducing debt, and investing in working capital requirements. The funds will also be utilized for general corporate purposes, enabling the company to strengthen its market position.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
