Medicamen Organics IPO Lists at 305.44% Premium

Robust Listing Medicamen Organics IPO in NSE-SME Segment

Medicamen Organics had a very strong listing on June 28, 2024, listing at ₹137.85 per share, which is a premium of 305.44% over the issue price of ₹34 per share. Here is the pre-open price discovery for the Medicamen Organics IPO on the NSE.

PRE-OPEN ORDER COLLECTION SUMMARY

Data Source: NSE

The SME IPO of Medicamen Organics was a book built IPO in the price band of ₹32 to ₹34 per share. Considering the strong subscription response at over 993X and the anchor allocation being done at the upper end of the band, the price discovery of the IPO also happened at the upper end of the price band at ₹34 per share. On 28th June 2024, the stock of Medicamen Organics listed at ₹137.85 per share, a premium of 3.5.44% over the IPO price of ₹34.00 per share. For the day, being in the 5% circuit filter category, the upper circuit price has been set at ₹144.70 and the lower circuit price has been set at ₹130.95. 

As of 10.30 am, the volumes were 15.24 lakh shares while the turnover (value) was at ₹2,062 lakhs. The opening market cap of the stock stands at ₹156.72 crore. The equity shares of Medicamen Organics (Symbol: MEDIORG) shall be in Series ST (Trade for Trade Surveillance Segment (TFTS) – Settlement Type W) and subsequently be shifted to Series SM (Normal Rolling Segment – Settlement Type N). At 10.30 am, the stock is trading at ₹130.95, which is below the listing price of ₹137.85 per share and the stock is locked in the 5% lower circuit in the morning after a very strong listing. The stock of Medicamen Organics has a face value of ₹10 per share and the market lot comprises of 4,000 shares. The stock trades under the NSE symbol (MEDIORG) and the ISIN code for demat credits will be (INE0PE401018).

About Medicamen Organics IPO

The stock of Medicamen Organics has a face value of ₹10 per share, and it is a book-built issue. The price for the book building issue is set in the price band of ₹32 to ₹34 per share. Being a book-built issue, the final price will be discovered within this band. The IPO of Medicamen Organics has only a fresh issue component and no offer for sale (OFS) portion. While the fresh issue portion is EPS dilutive and equity dilutive, the OFS is just a transfer of ownership and hence is not EPS or equity dilutive. As part of the fresh issue portion of the IPO, Medicamen Organics will issue a total of 31,00,000 shares (31.00 lakh shares), which at the upper band IPO price of ₹34 per share aggregates to fresh fundraising of ₹10.54 crore. Since there is no OFS, the fresh issue size will also double as the overall issue. Therefore, the overall IPO size will also comprise the issue of 31,00,000 shares (31.00 lakh shares), which at the upper band IPO price of ₹34 per share will aggregate to an overall IPO size of ₹10.54 crore.

Read more about Medicamen Organics IPO

Like every SME IPO, this issue also has a market-making portion. The company has set aside a total of 1,72,000 shares as a quota for market inventory. The market maker will be Giriraj Stock Broking Private Ltd. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs. The company has been promoted by Bal Kishan Gupta. The promoter holding in the company currently stands at 81.21%. However, post the fresh issue of shares, promoter equity holding share will get diluted to 59.69%. The fresh issue funds will be used by the company for expenses towards the registration of products in the international markets, plant updates to improve production capacity, and funding part of the working capital needs. GYR Capital Advisors Private Ltd will be the lead manager to the issue, and KFIN Technologies Ltd will be the registrar to the issue. The market maker for the issue is Giriraj Stock Broking Ltd. The IPO of Medicamen Organics will be listed on the SME IPO segment of the NSE.