GMP IPO set to launch on 30th July 2024
🚀 Acmes Drugs & Pharmaceuticals Limited has opened subscriptions for its IPO, with investors having until 1st August to invest. The company aims to raise ₹1,856.74 crore through the IPO, issuing 680 crore new shares and selling 1,176.74 crore shares through an offer for sale.
Strong demand in the grey market
📈 There is strong demand for Acmes Drugs shares in the grey market, with the IPO trading at a premium of ₹195 per share. This could potentially lead to the company’s shares being listed at ₹874.
Minimum investment and market valuation
💰 Investors can bid for a minimum of 22 shares in a lot for the Acmes Drugs IPO. The company’s total market value is estimated at ₹10,201 crore. Promoters Sanjeev Jain, Sandeep Jain, and investor Ruby Queshi Holdings will be selling 1.73 crore shares in the IPO.
Utilization of funds raised
💸 The funds raised through the IPO will be used to repay debts, fulfill the company’s working capital requirements, and support organic growth initiatives. Additionally, the funds will be used for general corporate purposes and to advance sustainable development efforts.
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