Quest Laboratories IPO: The initial public offering of Quest Laboratories Ltd, which is going to be closed on May 17, has received a over 7 times subscription so far. Till 11:23 am on the final day of bidding on Friday, the Rs 43.16-crore SME IPO received 11.74 times subscription, garnering bids for 2,19,50,400 shares as against 29,85,600 shares on offer.
The Quest Laboratories IPO was opened for public subscription on May 15.
The retail category has received a 11.74 times subscription, while the non-institutional investor (NII) category got a 6.63 times subscription. The qualified institutional buyers (QIBs) has also got a 1 per cent.
The Quest Laboratories IPO allotment will likely be finalised on May 21, while the listing will take place on May 23 on the NSE SME.
The price band of the IPO was fixed at Rs 93-Rs 97 per share.
Quest Laboratories IPO GMP Today
According to market observers, unlisted shares of Quest Laboratories Ltd are trading Rs 20 higher in the grey market as compared with its issue price. The Rs 20 grey market premium or GMP means the grey market is expecting a 20.62 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
About Quest Laboratories IPO
Quest Laboratories IPO is entirely a fresh issue of 44.5 lakh shares.
Quest Laboratories IPO price band is set at Rs 93 to Rs 97 per share. Investors can apply for a minimum lot size of 1,200 shares. The minimum amount of investment required by retail investors is Rs 1,16,400. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to Rs 2,32,800.
Shreni Shares Limited is the book-running lead manager of the Quest Laboratories IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Quest Laboratories IPO is Rikhav Securities.
Quest Laboratories Ltd’s revenue rose 3.9 per cent and profit after tax (PAT) increased 22.5 per cent between the financial year ending with March 31, 2023 and March 31, 2022.
Quest Laboratories Limited, established in June 1998, is a pharmaceutical company manufacturing a range of antibiotics, antimalarials, antispasmodics, anti-inflammatories, antiemetics, respiratory medications, diabetes treatments, antidepressants, and more.
The company operates in the domestic market across twelve (12) states and two (2) union territories. These include Uttar Pradesh, Madhya Pradesh, Maharashtra, Delhi, Jharkhand, Assam, Karnataka, Jammu & Kashmir, Rajasthan, West Bengal, Gujarat, Telangana, Haryana, and Bihar.
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