Pharma company JFL Life Sciences on Thursday launched its initial public offering (IPO). This issue will be available for subscription till August 30. On the first day, at present, non-institutional investors (NIIs) and retail individual investors (RIIs) have shown interest in the issue. So far, the IPO has been subscribed by over 46% against the total offer size. The company plans to raise approx. 18.17 crore from the public offering. The IPO is available for bidding on NSE only.
According to NSE Data, at around 4.20, the issue has received bids for 13,72,000 equity shares – which is 46.07% of the total proposed size of 29,78,000 equity shares.
Furthermore, the data shows that Qualified Institutional Buyers (QIBs) have placed zero bids. While NII has bid for 3,42,000 equity shares, RII, on the other hand, has made the highest bid of 10,30,000 equity shares.
A total of 29,78,000 equity shares of face value under public issue 10 each. is offered at an issue price of 61 per equity share. The size of the problem is approx 1,816.58 lakh.
Out of the total issue, a total of about 1.5 lakh equity shares 91.50 lakhs are reserved for membership by Market the creator
GYR Capital Advisors is the lead manager of the issue.
After the issue, JFL Life Sciences will be listed on NSE Emerge.
JFL Life Sciences plans to use the net proceeds for repayment of secured and unsecured loans; Forward financing of working capital requirements; and for general corporate purposes.
Headquartered in Ahmedabad, Gujarat, JFL Life Sciences is engaged in the business of manufacturing pharmaceutical products. The company is engaged in domestic and international business. With a pan-India market presence, JFL’s products are supplied to 10 developed and developing countries across the world.
To maintain its competitiveness and further the cause of healthcare, JFL has a strong R&D foundation and FDA approved state-of-the-art manufacturing facility near Ahmedabad.
The company mainly exports its products to African countries, Middle Eastern countries and CIS countries through merchant exporters.
As of February 28, 2022, JFL’s domestic sales comprise 23.02% while exports comprise 76.98%. Its total revenue grew only 1.70% from FY19 to FY21, while profit after profit grew by 33.87% from FY19 to FY21.
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