On May 14, Accretion Pharmaceuticals Limited, a Gujarat-based pharmaceutical manufacturer, opened its ₹29.75 crore IPO, receiving a 49% overall subscription by mid-day. With a price band of ₹96–₹101, the IPO aims to fund expansion and debt repayment.
Accretion Pharmaceuticals Limited, a pharmaceutical manufacturing company based in Sanand, Gujarat, launched its Initial Public Offering (IPO), aiming to raise ₹29.75 crore. The IPO received 49% subscription on its opening day by 1:00 PM, reflecting growing interest among retail investors.
Founded in 2012, Accretion Pharmaceuticals is involved in the production and marketing of healthcare products including tablets, capsules, oral liquids, external preparations like ointments and creams, as well as herbal and ayurvedic formulations. It also provides contract manufacturing services from its Gujarat facility.
The IPO comprises a fresh issue of 29.46 lakh equity shares with no Offer for Sale (OFS) component. The price band is set between ₹96 and ₹101 per equity share with a face value of ₹10. Investors must bid for a minimum of 1,200 shares.
As of early trading hours, retail subscription stood at 86%, while the Non-Institutional Investor (NII) segment showed 19% booking. The company has received bids for 12,79,200 shares against 25,87,200 shares available for subscription.
Accretion Pharmaceuticals plans to utilize the proceeds for capital expenditures, repayment of existing loans, working capital needs, and general corporate purposes. Jawa Capital Services Private Limited is the lead manager, and Kfin Technologies Limited is acting as the registrar.
Meanwhile, the grey market premium (GMP) for the IPO stood at ₹20, indicating an expected listing price of ₹121 per share – about 19.8% higher than the upper end of the issue price.
The IPO will close for subscription on May 16, 2025.
