The initial public offering (IPO) of Green Signal Bio Pharma was subscribed 89% on Tuesday, as investors bid for 1.30 crore shares of the total 1.45 crore shares on offer. The company has extended its public offer by three days to November 17 amid lukewarm response from investors.
The issue aims to raise Rs 116 crore, in a price band of R76 to R80. The issue did not receive any bids from qualifies institutional bidders (QIBS).
Retail investors bid for nearly 8.73 times or 1.27 crore shares of the 14.57 lakh shares reserved. High-net-worth individuals bid for 2.75 lakh shares of the 21.86 lakh shares reserved for them, bidding nearly 13%.
The company reported revenues of R20.49 crore for the year ended March 31, 2016, up from R6.6 crore in the previous financial year. For the year ended March 31, 2016, the company reported a net profit of R5.30 crore against the previous year’s loss of R21 lakh. The company had incurred losses in the three financial years prior to March 31, 2015.
Indian Overseas Bank is the book lead running manager for the issue.