The RS 16.10 Crore IPO, which was open to subscription from 8 August to 12 August, saw an overwhelming response, with a general subscription of 382.14 times. The retail trade was subscribed to an exceptional 461.11 times, while non-institutional investors (NII) subscribed 289.15 times.
Priced on RS 43 per share, the issue was completely a new issue of 37.44 Lakh shares. The company plans to use the proceeds for working capital, purchase of factory and machines for expansion and general business purposes.
Medistep Healthcare, included in June 2023, produces and trades a diverse range of products, including sanitary pads, nutraceuticals, pharmaceutical articles, surgical supplies and intimate care products.
For FY25, the company reported the turnover of RS 49.66 Crore and profit after tax on RS 4.14 Crore, which reflects a growth of 27% and 25% respectively compared to FY24.
While analysts note that the company works in a very competitive and fragmented segment, the robust subscription figures and positive GMP signal strong investors will be ethic. All eyes will now be on the list, where the shares are expected to make a healthy premium about the issue price.
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