The initial public offering (IPO) of Onyx Biotec Limited ended on Monday, November 18, with a strong subscription, fuelled by non-institutional investors (NIIs). On the final day of bidding, 198 times bids for the NSE SME issue were made by various investor categories.
On November 13, subscriptions for the pharmaceutical company's Rs 29.34 crore IPO went live.
Overall subscription across all categories
In contrast to the 32 lakh shares available for subscription, the IPO investors applied for over 63.38 crore shares of Onyx Biotec, resulting in an 198.08-times overall subscription.
With bids for over 18.92 crore shares compared to the 16 lakh shares reserved for the retail category, Onyx Biotec's IPO was subscribed for 118.25 times.
There were 603.21 times subscriptions for the Non-Institutional Investors (NIIs) quota. In contrast to the 6.88 lakh shares set aside for the category, the NIIs bid for more than 41.5 crore shares.
In contrast to the 9.12 lakh shares reserved for the category, the Qualified Institutional Buyers (QIBs) portion of the issue was subscribed for 32.49 times, with QIBs applying for over 2.96 crore shares.
Price band and IPO size
The Onyx Biotec IPO, which is worth Rs 29.34 crore, is a book-building issue. The public offering consists of 48.1 lakh newly issued shares. The initial public offering (IPO) price range is Rs 58 to Rs 61 per share.
Lot size and minimum bid
Retail investors must purchase at least 2,000 shares, or Rs 1,22,000, in order to take part in the IPO. However, at least two lots, or 4,000 shares, are available to high-net-worth individuals (HNIs), who would need to invest Rs 2,44,000 in order to apply.
Lisiting and subscription timeline
It is anticipated that the Onyx Biotec IPO share allocation status will be finalised by Tuesday, November 19.
Refunds for unsuccessful bidders will be started on November 20 after the share allocation is finished. On the same day, winning bidders will also receive shares of Onyx Biotec in their Demat accounts. On Thursday, November 21, Onyx Biotec's shares will go live on the NSE SME platform Emerge.
Onyx Biotec IPO subscriptions were being accepted from Wednesday, November 13 to Monday, November 18. The IPO share allocation status is to be finalised on Tuesday, November 19.
IPO proceeds utilisation
With the funds raised through the public offering, the company plans to upgrade its manufacturing facility to produce parenterals for intravenous use.
A portion of the money raised will go towards building a dry powder injection high-speed carton packaging line. With the proceeds, the business will also pay back its debts, with the remaining money going towards general business needs.
