The initial public offering (IPO) of Nureca Ltd will open for subscription from today (February 15). The subscription opens a month after the company received SEBI approval to raise Rs 100 crore through public issue. The issue will close on February 17.
Nureca Ltd owns the Dr Trust brand. The IPO will be sold in the price band of Rs 396-400 a piece of the face value of Rs 10 each. An investor can bid for a minimum of 35 equity shares and in multiples of 35 shares thereafter and up to 14 lots.
The company has reserved shares worth Rs 1 crore for its employees. They will be provided shares at a discount of Rs 20 apiece.
According to the company, up to 75 per cent of the net issue will be reserved for Qualified Institutional Buyers (QIB). The company has reserved up to 10 per cent for retail investors. The remaining 15 per cent has been reserved for non-institutional category.
Nureca is engaged in the business of home healthcare and wellness products and enables customers with tools to help them monitor chronic ailments and other diseases. The company sells its products through online channel partners such as e-commerce players, distributors and retailers. It also sells products through its own website.
Nureca had filed its papers with SEBI in November 2020. It obtained SEBI observations on January 11. The capital markets regulator’s observations are necessary for any company to launch public issues like IPO, follow-on public offer (FPO) and rights issue.
Nureca’s revenue has grown nearly 60 per cent from March 2019 to March 2020, according to a report. Nureca raised Rs 44.55 crore from two anchor investors.
The equity shares will be listed on BSE and NSE.
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