New Delhi: Accretion Pharmaceuticals Ltd, which is looking to mobilise nearly Rs 30 crore, has opened its initial public offering (IPO) for subscription on Wednesday.The IPO, priced between Rs 96 and Rs 101 per equity share, will remain open until May 16, the company said in a statement.
The company is seeking to raise Rs 29.75 crore through the issuance of 29.46 lakh fresh shares.According to the data available with the NSE till 2 pm, Accretion Pharmaceuticals' public issue subscribed 59 per cent on the first day so far.
Shares of the company are proposed to be listed on the NSE SME platform.The company said that the IPO proceeds to the tune of Rs 2.69 crore will be allocated for capital expenditure towards new machinery and equipment, Rs 4.65 crore will be used for upgrading its existing manufacturing facility in Ahmedabad, and Rs 99.17 lakh designated for repayment of outstanding borrowings.
Additionally, Rs 14.68 crore will be utilised for working capital requirements, while the balance will be used for general corporate purposes.On the financial front, the pharma firm reported Rs 35.66 crore in revenue and Rs 5.23 crore in profit after tax for the first nine months of FY2025 ended December 2024, showing improvement from Rs 33.66 crore revenue and Rs 3.87 crore profit in FY2024.
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Prior to its IPO launch, Accretion Pharmaceuticals secured Rs 2.13 crore from two institutional investors -- Pink Oak Global Fund and Vikasa India EIF I Fund -- in the anchor round on Tuesday.Jawa Capital Services is the book-running lead manager for the issue, while Kfin Technologies is acting as the registrar.
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