Zenith Drugs, which was entirely a fresh equity issue of 51.48 lakh shares, received a healthy response from investors. The issue was subscribed 179 times, driven by strong interest across categories. The net proceeds will be used for the purchase of machinery and setting up a new plant, existing manufacturing block upgradation, working capital requirements, and general corporate purposes.
Around six new initial public offerings (IPO), including three in mainboard and three small and medium enterprise (SME), are set to hit Dalal Street in the upcoming week.
The SME IPO of Zenith Drugs will finalize the allotment today. Investors can check the status on the registrar s website. The shares are fetching a GMP of Rs 20. The IPO price band is Rs 75-79. The stock is expected to get listed with a 25% premium on February 27.
Investors who get the IPO will receive the shares in their respective demat accounts on Monday, February 26 and those who didn t receive the IPO will get their refunds credited into their accounts on Monday.