Emcure Pharmaceuticals IPO day 2: GMP, subscription status, review to allotment date. Apply or not?

Emcure Pharmaceuticals IPO: Bidding for the initial public offering (IPO) opened on 3rd July 2024 and will remain open for bidding until 5th July 2024. This means the public issue will remain open until Friday this week. The pharma company has fixed Emcure Pharmaceuticals IPO price band at ₹960 to ₹1008 per equity share. As per the Emcure Pharmaceuticals IPO subscription status, the public issue has sailed through on the first day of the bidding, and the grey market is also looking bullish on Emcure Pharmaceuticals IPO.

According to stock market observers, shares of Emcure Pharmaceuticals Limited are available at a premium of ₹333 in the grey market today. The pharma company aims to raise ₹1952.03 crore from its initial offer, and the book build issue is a mix of fresh problems and offers for sale (OFS).

Emcure Pharmaceuticals IPO GMP today

As mentioned, Emcure Pharmaceuticals IPO GMP (grey market premium) today is ₹333, ₹38 higher than Wednesday’s Emcure Pharmaceuticals IPO GMP of ₹295. According to stock market observers, this rise in Emcure Pharmaceuticals IPO GMP can be attributed to a strong response by the primary market investors and a strong bull trend on Dalal Street. They said that the Nifty 50 index has touched a new high above 24,300; hence, more upside is expected in the Indian secondary market. They expected more upside in the grey market premium of Emcure Pharmaceuticals IPO.

Emcure Pharmaceuticals IPO subscription status

By 3:18 PM on day two of bidding, the public issue was subscribed 3.84 times; the retail portion was booked 3.06 times, the NII segment was booked 10.31 times, and the QIB portion was filled 0.18 times.

Emcure Pharmaceuticals IPO review

Giving a ‘subscribe’ tag to the public issue, Rajan Shinde, Research Analyst at Mehta Equities, said, “On valuation parse at the upper band of Rs.1008/-, the issue is asking for a Market cap of Rs.19061/- cr. Based on FY 2024 earnings and fully diluted post-IPO paid-up capital, the company is asking a PE of 36.13x, which appears fairly priced compared to its listed industry peers, which are trading at an average of PE ~40x, which gives a decent room for listing gains due to its niche positions and product mix between listed peers and Emcure pharmaceuticals ltd. Given its strategic focus on high-growth therapeutic areas, innovative product portfolio, successful global expansions, and solid R&D foundation, Emcure is well-positioned for sustained growth. Hence, we recommend our investors to “SUBSCRIBE” the Emcure Pharmaceuticals Ltd IPO for a long-term perspective.”

Anand Rathi has given a ‘subscribe’ tag to the book build issue, saying, “On the valuation front, at an upper band, the company is fairly priced at P/E of 36x post issue of equity shares on FY24 earning basis. We believe the company has scope for business improvement on the back of industry tailwinds and business scalability. Thus, we recommend an “SUBSCRIBE—long term” rating for the IPO.”

Apart from these, some leading brokers, such as BP Equities, Canara Bank Securities, DR Choksey, Geojit Securities, Marwadi Shares and Finance, Master Capital Services, Nirmal Bang, Reliance Securities, SBICAP Securities, StoxBox, etc., have also given the public issue a ‘subscribe’ tag.

Emcure Pharmaceuticals IPO details

Emcure Pharmaceuticals IPO allotment date is most likely on 6th July 2024. If share allocation is not announced on Saturday this week, it will be announced on Monday next week, i.e., 8th July 2024. Emcure Pharmaceuticals IPO listing is proposed on BSE and NSE, and the most likely date is 10th July 2024, i.e., Wednesday next week.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.