New Delhi. If you also invest in IPO, then there is good news for you. Tomorrow i.e. on Friday, the initial public offering (IPO) of Ahmedabad-based pharmaceutical company, Sinores Pharmaceuticals will open. Retail investors will be able to bid for the shares of this IPO till Tuesday, 24 December. Even before the IPO opens, the shares of Sinores IPO are making a splash in the gray market. Shares are trading at a premium of Rs 125 in the gray market. That is, the gray market is indicating earnings from this IPO.

The price band of Synores Pharmaceuticals IPO has been fixed at ₹372-₹391. One lot of IPO consists of 38 shares. Investors can apply in minimum 38 equity shares and its multiples. Thus, at the upper price band, a minimum of Rs 14,858 will have to be invested. As of 30 September 2024, the company has launched 55 products in key therapeutic areas such as antibiotics and anti-fungal treatments. In the financial year 2023-24, the company earned a net profit of ₹32.71 crore and revenue of ₹217.34 crore.

IPO Details
Synores Pharmaceuticals IPO will see fresh issuance of shares worth Rs 500 crore and sale of 21 lakh equity shares by promoters and existing shareholders through an offer-for-sale (OFS). The company aims to raise Rs 582.11 crore at the upper end of the price band. The bidding process for the anchor book has started today i.e. 19 December. The proceeds from the IPO will be used for investments in the company's subsidiaries, repayment of certain borrowings, meeting working capital requirements, acquisitions and other strategic initiatives.

Reservation for investors
75% of this IPO is reserved for qualified institutional bidders (QIBs). 15% of the IPO is reserved for non-institutional investors (NIIs) and 10% for retail investors. The book running lead managers of this IPO are Aquirus Capital, Ambit and Nuvama Wealth Management, while Link Intime India is the registrar. The company's shares will be listed on BSE and NSE on December 30.