Medistep Healthcare’s SME IPO saw an extraordinary subscription rate of 356.34 times.
The strong response came from both retail and institutional investors.
Indicates robust investor confidence in the healthcare company’s growth prospects.
The initial public offer of Medistep Healthcare, a manufacturer of sanitary pads and energy powders, garnered 356.34 times subscription on the final day of bidding on Tuesday.
The ₹16.10 crore initial public offer (IPO) received bids for 1,33,41,54,000 shares against 37,44,000 shares on offer, translating into 356.14 times subscription, as per the NSE data.
The category for individual investors received 219.13 times subscription, non-institutional investors quota subscribed 130.63 times and qualified institutional buyers part fetched 6.59 times subscription, as per the data.
The shares of the company will be listed on NSE's Emerge with a tentative listing date fixed on August 18.
The company has fixed its IPO price at ₹43 apiece.
The IPO is entirely a fresh issue of equity shares of up to 37.44 lakh shares.
Proceeds from the IPO will be utilised to fund capital expenditure towards the purchase of plant and machinery for expansion at the company's existing manufacturing facility, to meet working capital requirements and for general corporate purposes.
Founded in June 2023, Medistep is engaged in the manufacturing of sanitary pads and energy powders, and in the trading of pharmaceutical, nutraceutical, surgical, and intimate care products.
The company reported revenue from operations of ₹49.7 crore and profit after tax of ₹4.14 crore in FY25.
Fast Track Finsec is the sole book-running lead manager, while Cameo Corporate Services is the registrar for the issue.
