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ipo IPO Watch

The Medplus Health Service IPO Subscribed 52.59 times on its final day

Incorporated in 2006, Medplus Health Services is India’s second-largest pharmacy retailer. The company offers pharmaceutical and wellness products .

 The IPO comprises a fresh issue of equity shares worth Rs 600 crore and an offer-for-sale (OFS) of Rs. 798.30 crore. The Medplus Health Service IPO opened at Dec 13, 2021, and closed at Dec 15, 2021 and listed on both NSE & BSE at Dec 23, 2021.The minimum lot size comprises 18 shares at a price band of Rs.780 -796 per equity share. A retail-individual investor can apply for up to 13 lots.

The objective of the issue is to fund the working capital requirement of the subsidiary, Optival; and for general corporate purposes.

Axis Capital, Credit Suisse Securities (India), Edelweiss Financial Services and Nomura Financial Advisory and Securities (India) were the managers to the offer. 

Medplus Health Services IPO has got 50 per cent reserved for qualified institutional buyers (QIBs) and 15 per cent reserved for non-institutional investors (NIIs). The remaining 35 per cent of the issue is available for retail investors.

The scrip got listed at Rs 1,040.00 a piece on the National Stock Exchange (NSE), thereby registering a gain of 30.65 per cent from its offer price of Rs 796.00, while on the BSE, it opened at Rs 1,015.00, up 27.51 per cent from the issue price.

Medplus IPO Subscription Status

The Medplus Health IPO was subscribed 52.59 times on Dec 15, 2021.The public issue subscribed 5.24 times in the retail category, 111.90 times in the QIB category, and 85.33 times in the NII category.

About the Company

Incorporated in 2006, Medplus Health Services is India’s second-largest pharmacy retailer in terms of the number of stores and revenue. The company offers pharmaceutical and wellness products i.e. medicines, vitamins, medical devices, test kits, and fast-moving consumer goods i.e. home and personal care products, baby care products, sanitizers, soaps, and detergents, etc. It is also the first pharmacy retailer in India to offer an omnichannel platform wherein customers can purchase products through stores, place orders over the telephone, online orders, and a Click and Pick facility.

As of June 31, 2021, the company has a strong pharmacy retail network of 2,165 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal, and Maharashtra. In fiscal 2021, its share of the organized pharmacy retail based on revenue from operations in Chennai, Bangalore, Hyderabad, and Kolkata reported at 30%, 29%, 30%, and 22% respectively. It follows a cluster-based approach for store network expansion wherein it first opens high store density in a populated residential area within a target market. The company’s warehouses are located in Bengaluru, Chennai, Hyderabad, Vijayawada, Kolkata, Pune, Bhubaneshwar, Mumbai, and Nagpur.

(Source: DRHP of Medplus Health Services Limited IPO)

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ipo IPO Watch

CMS Info Systems Limited IPO subscribed 1.95 times

The company is engaged in installing, maintaining, and managing assets and technology solutions on an end-to-end outsourced basis for banks, financial institutions, organized retail and e-commerce companies in India.

The IPO comprises of offer for sale of equity share amounting to Rs. 1,100 crore. The CMS Info Systems IPO open date is Dec 21, 2021, and the close date is Dec 23, 2021. The issue may list on Dec 31, 2021. The mininimum lot size comprises of 69 shares at a price band of Rs.205-216 per equity share.  A retail-individual investor can apply for up to 13 lots (897 shares or ₹193,752).The IPO will be listed both on NSE as well as BSE .

The IPO aims to raise funds for the following objectives;

  • To carry out an offer for sale of equity shares by promotors aggregating upto Rs. 11,000 million.
  • To achieve the benefits of listing the equity shares on the stock exchanges.

CMS Info System Limited  IPO has got 50 per cent reserved for qualified institutional buyers (QIBs), 35% reserved for retail investor and 15 per cent reserved for non-institutional investors (NIIs). 

CMS Info Systems IPO Subscription Status (Bidding Detail)

The offering received 7,32,71,721 applications versus 3,75,60,975 shares on offer, resulting in a 1.95-to-1 subscription ratio. The part earmarked for retail bidders was subscribed 2.15 times, according to BSE data, while the institutional quota garnered 1.45 times offers. So far, the HNI section has been subscribed to 1.98 times.

Company Profile

As of March 31, 2021, CMS Info Systems Limited was India’s largest cash management firm in terms of ATM and retail pick-up points. The company instals, maintains, and manages assets and technological solutions for banks, financial institutions, organised retail, and e-commerce companies in India on an end-to-end outsourced basis.

The company is divided into three segments: 1. cash management services, 2. managed services (such as banking automation product sales, common control systems, and software solutions, and so on), and 3. others (such as financial card issuance for banks and card personalisation services). It has a network of 3,965 cash vans and 238 branches and offices covering all of India’s states and union territories as of August 31, 2021.

(Source: CMS Info Systems IPO DRHP)

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GO FASHION: NEW TRENDS TO SET

Go Fashion shares made a glamorous stock market entry on Tuesday, 30th November 2021. The stock opened for trading at ₹ 1,310 on the National Stock Exchange, up 89.86 per cent from its issue price of ₹ 690 per share. On the BSE, Go Fashion shares opened for trading at ₹ 1,316, up 91 per cent from the IPO price.

Go Fashion mopped up Rs 1,014 crore from the public issue that was subscribed 135.46 times during November 17-22. Non-institutional investors had put in bids 262.08 times the portion set aside for them and qualified institutional investors’ reserved portion was subscribed 100.73 times. Retail investors bought shares 49.70 times the portion reserved for them.

Go Fashions is the first company to launch a brand exclusively dedicated to the women’s bottom-wear category. It is a play on the unorganized to the modern retail shift. At the upper end of the price band, it is valued at 9.4 times, 14.6 times EV/sales for FY20, FY21, respectively.

The company has decided to allocate a total of 66,10,492 equity shares to 33 anchor investors at ₹690 apiece, aggregating the transaction size to ₹456.12 crore. Government of Singapore, Monetary Authority of Singapore, Nomura, Abu Dhabi Investment Authority, Fidelity, SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Axis MF, Aditya Birla Sun Life MF and SBI Life Insurance Company are among the anchor investors.

The company held an 8 percent share in the organised women’s bottom-wear market in FY20. It has a healthy, asset-light business model and had operating cash flows despite volatility in profit in the last three fiscals.

Go Colors has a strong brand value with altering revenues, while the company went into losses in FY21. As the number of working women is improving along with the advancing fashions, it is anticipated that the company can have a great growth drive. The company has a fantastic management team with a mixed bag of financials, and it is expected that it may perform good.

The business model of company looks good with strengths like efficient product portfolio and a good supply chain, but still the company is susceptible to factors like changing consumer spending patterns, unable to adjust to changing likings and a possible slowdown due to the new variant of COVID which has caused the markets to correct themselves.

Company Profile

Go Fashion (India) Limited, also popularly known as Go Colors, was incorporated on 09 September 2010. It is classified as a public limited company and is in Chennai, Tamil Nadu. The Company is one the best retail players in women’s apparel. The Company offers leggings, jeggings, palazzo, pants, tops, t-shirts, and diaper shorts. Go Fashion serves customers in India. 

(Source: Economics Times, Financial Express)

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Radiopharm Theranostics debuts on the ASX, raises AU$50M via IPO

Radiopharm Theranostics Limited issued 83.33 million shares at an offer price of AU$0.60 a piece, giving a market capitalisation of AU$152 million at the issue price.

The Offer comprises: 

(a) the Broker Firm Offer, which is available to Australian resident retail clients of Brokers who have been assigned a firm allocation of Shares by their Broker.

(b) the Institutional Offer, which is an invitation to Institutional Investors in Australia and a number of other eligible jurisdictions to apply for Shares; and 

(c) the Chairman’s List Offer, which is an invitation to selected Australian investors who have received an invitation from the Chairman or the Company to apply for Shares.

Use of funds

 (a) make payments under the Licence Agreements 

 (b) conduct research and development into other cancer targets

 (c) provide working capital; and 

 (d) set up commercial and academic collaborations.

Important dates

EventsDates
Prospectus dateThursday, 14 October 2021
Offer opensFriday, 22 October 2021
Offer closes Friday, 5 November 2021
Anticipated date of allotmentTuesday, 16 November 2021
Shareholding statements expected to be dispatchedFriday, 19 November 2021
Anticipated commencement of ASX tradingThursday, 25 November 2021

Subscription Status:  The shares of  Radiopharm Theranostics Limited  were oversubscribed.

Company Profile:

Formed in February 2021, the homegrown health care company focuses on the development of radiopharmaceutical products for diagnostic and therapeutic uses in areas of high unmet medical needs. The Company aims to become an industry leader in the development of radiopharmaceutical products, targeting some of the largest markets in cancer.

The Company has a balanced portfolio of four licensed platform technologies, with diagnostic and therapeutic applications in both pre-clinical and clinical stages of development, from some of the world’s leading universities and institutes such as Imperial College London and Memorial Sloan Kettering.

The portfolio comprises five Phase 2 clinical trials and two Phase 1 trials, which are underway along with five Phase 1 trials, which have been wrapped up across hospitals and medical centres globally. The clinical trials target a range of cancers including that of breast, lung, kidney, head & neck, pancreatic and brain.

( Source:  https://www.radiopharmtheranostics.com/)

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First Watch Restaurant Group Inc announced pricing of Initial Public Offering

The shares are expected to being traded on NASDAQ Global Select Market on 1st October 2021, under the ticker symbol “FWRG” and it is expected to close on 5th October 2021. 

First Watch Restaurant Group Inc. announced the price of its Initial Public offering of 9,459,000 shares of its common stock at a price to the public of $18.00 per share.  

In addition, the company has granted the underwriters a 30 days option price to purchase up to an additional 1,418,850 shares of common stock at the Initial Public Offering price less underwriting discounts and commissions.

At the time of Initial Public Offering their Total Offering Expense is $5,000,000.00 while their total share outstanding is 57,629,596. 

Market capitalization of First Watch Restaurant Group Inc is 1.239 billion. First Watch intends to use the proceeds from the proposed offering to repay borrowings outstanding under its credit facilities.

Company Profile 

First Watch is an award-winning Daytime Dining restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. First Watch offers traditional favorites, such as pancakes, omelets, sandwiches and salads, alongside specialty items like the Quinoa Power Bowl®, Avocado Toast and the Chickichanga. There are more than 420 First Watch restaurants in 28 states, and the restaurant concept is majority owned by Advent International, one of the world’s largest private-equity firms.

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Home cooking helps Cobram Estate Olives (ASX: CBO) build a $700m

Cobram Estate debuted on the ASX on Wednesday in a compliance listing in which it did not raise new capital but transformed from an unlisted public company with 705 shareholders to a publicly traded company in full view of the public. In its first hour on the ASX, the firm traded between $1.82 and $1.89 a share, giving it a market capitalisation of $706 million at the low end.

The organization’s chairman and co-founder, Rob McGavin, said it was satisfying to have established a corporation worth more than $700 million, but the group is now focused on long-term strategic decisions.

With a market capitalization of $700 million, it is almost twice as valuable as department store chain Myer, a household name that has struggled to keep up with online shopping and the epidemic. Cobram Estate, Australia’s No. 1 extra virgin olive oil and a huge seller at Woolworths and Coles, and Red Island, a more value-oriented brand, are the two prominent brands.

Cobram Estate’s Total Production 

Mr McGavin said that during the epidemic, sales were boosted by frequent capital city lockdowns, which drove many households to look more thoroughly at the sources of items used in recipes. Cobram Estate employs 172 employees, each of whom received 500 free shares as part of the company’s ASX IPO. Cobram Estate grows 2.4 million olive trees on 6854 hectares of farmland in central Victoria, accounting for 71% of Australia’s total olive oil production.

A few weeks ago, stockbrokers tested the appetite of potential investors with a $2 issue price, but found little institutional interest at that level. The board of directors opted to forego any capital offering and instead pursue a compliance listing.

According to the prospectus, Cobram Estate’s revenue for the year ended June 30 is estimated to be $211 million, with a net profit of $33.6 million. Because of the unique characteristics of the olive producing sector, where trees only produce one large crop every two years, the company will need to conduct a substantial education drive for new shareholders.

The harvest in 2021, which lasted from late April to June, was one of the large crop years, implying that next year’s crop will be “light”. The harvest in 2021 was 16.05 million litres, which was 7% higher than expected.

Company Profile 

COBRAM ESTATE PTY LTD is located in DOCKLANDS, VICTORIA, Australia and is part of the Fruit and Tree Nut Farming Industry. COBRAM ESTATE PTY LTD has 120 employees at this location and generates $4.80 million in sales (USD). (Employees figure is estimated, Sales figure is modelled). There are 10 companies in the COBRAM ESTATE PTY LTD corporate family.

(Source: Morningstar)

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Glenmark Life Sciences IPO subscribed 1.43 times on day 1, retail portion booked 2.73 times

The size of the IPO has been cut to 1.5 crore equity shares after the business raised Rs 454 crore from anchor investors on July 26, a day before the sale was scheduled to commence.

Retail investors’ reserved portion has already been subscribed 5.16 times, while non-institutional investors’ portion has been subscribed 85 percent.

Qualified institutional buyers have placed bids for 10,540 equity shares out of a total of 42.42 lakh equity shares reserved for them.

Glenmark Pharma’s subsidiary seeks to collect Rs 1,513.6 crore through a public offering that includes a fresh issue of Rs 1,060 crore and a promoter offer to sell 63 lakh equity shares.

The offer’s price band has been set at Rs 695-720 per equity share, with the offer closing on July 29.

Company Profile

Glenmark Pharmaceuticals Limited is an Indian pharmaceutical company headquartered in Mumbai, India that was founded in 1977 by Gracias Saldanha as a generic drug and active pharmaceutical ingredient manufacturer; he named the company after his two sons. The company initially sold its products in India, Russia, and Africa. The company went public in India in 1999, and used some of the proceeds to build its first research facility. Saldanha’s son Glenn took over as CEO in 2001, having returned to India after working at PricewaterhouseCoopers. By 2008 Glenmark was the fifth-biggest pharmaceutical company in India.

(Source: Factset)

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Glenmark Life Sciences raises Rs 454 crore from cornerstone investors ahead of its first public offering.

According to a regulatory filing, the business has agreed to distribute 63,06,660 equity shares to 19 cornerstone investors at a price of Rs 720 per share, for a total of Rs 454 crore.

Amongst those cornerstone investors are HSBC Global Investment Funds, Government Pension Fund Global, Oaktree Emerging Markets Equity Fund LP, Copthall Mauritius Investment Ltd-ODI account, Societe Generale-ODI, Kuber India Fund, and Reliance General Insurance Company.

Glenmark Pharma would issue new equity shares worth up to Rs 1,060 crore and sell up to 63 lakh equity shares in the first public offering (IPO). The issue will begin on July 27 and end on July 29, with a price range of Rs 695-720 per share.

The proceeds from the new issuance will be utilised to cover the promoter’s outstanding purchase consideration for the API business spin-off as well as fund capital expenditure requirements. The IPO will raise Rs 1,513.6 crore at the top of the pricing band.

About Company

Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals NSE -3.62 percent, is a dominant developer and manufacturer of high-value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas such as cardiovascular disease, CNS disease, pain management, and diabetes. APIs for gastrointestinal disorders, anti-infectives, and other therapeutic fields are also manufactured and sold by the firm.

Source : Factset

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The share price of Open Negotiation has increased by 60% since its IPO

which is 60% greater than the company’s prospectus offer price of 20 cents. Openn Negotiation is a real estate technology firm. Its cloud-based Openn platform enables real estate bids to take place in real time and transparent private treaty offers to be submitted. So far, the platform has over $2 billion in property sales which is used by over 3,300 real estate agents across Australia and New Zealand.

On the ASX, the real estate technology stock is off to a strong start

The company had roughly 191.7 million shares outstanding at the time of its listing. At 20 cents per share, Openn’s market capitalisation is expected to be around $38 million. Openn Negotiation has a market capitalisation of around $57.5 million at its current share price.

The company anticipated that its IPO would raise $9 million before expenses.The funds will be used by Openn Negotiation to expand its business in Australia and New Zealand, as well as to assess the market in the United States. It intends to enter the American market in the future.

Because it did not believe it could prepare reliable forecasts, the company did not include financial guidance in its offer document. The company’s full-year earnings for the 2020 fiscal year were $851,402 with a loss of around $1.2 million before taxes. Openn also had $668,979 in assets and $448,975 in debt.

Currently, fees charged to upload properties onto the platform account for 90% of Openn Negotiation’s revenue. An agent must pay $500 to upload a property to the Openn platform. It also makes money by training real estate agents to use the platform, a service that costs $135.45 per agent.

Company Profile

The need for a better way of doing things prompted the creation of Openn Negotiation, as it did many other innovative developments.In 2016, our Founders, Peter Gibbons, a technology developer, and Peter Clements and Brad Glover, leading Western Australian real estate brokers, began collecting years of input from sellers, purchasers, and agents on the problems of the present sales process.

Source : fool.com

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IMV Prices 14.3 M Units of Public Offering at $1.75/Unit

One common share and three-quarters of a common share purchase warrant are included in each Unit. Each Warrant authorises the holder to purchase one common share at a price of US$2.10 per common share for a period of 60 months following the closure of the Offering, subject to adjustment in certain conditions.

The Offering is scheduled to close on or around July 20, 2021, with the common shares underlying the Units and Warrants proposed for listing on the TSX and Nasdaq.

The Corporation plans to use the net proceeds of the Offering to continue clinical development of maveropepimut-S (DPX-Survivac) in DLBCL, breast cancer, ovarian cancer, bladder cancer, and microsatellite instability high (MSI-H), as well as to begin clinical development of a new product, DPX-SurMAGE, in bladder cancer, continuing to develop its patented drug delivery technology (DPX), as well as for other corporate reasons.

Company Profile

Albireo is a clinical-stage biopharmaceutical company focused on the development of novel bile acid modulators to treat rare pediatric and adult liver diseases, and other adult liver diseases and disorders. We have deep expertise in bile acid biology and a pipeline of clinical and nonclinical programs. Our parent company, Albireo Pharma, Inc., is located in Boston, Massachusetts and our key operating subsidiary, Albireo AB, is located in Gothenburg, Sweden. We were spun out from AstraZeneca in 2008.

(Source:  RTT News)

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