The initial public offering (IPO) of GreenSignal Bio Pharma was subscribed 0.82 times on the third day as investors bid for 1.19 crore shares of the total 1.45 crore shares on offer. GreenSignal Bio Pharma had priced its IPO aimed at raising R116 crore, at a price of R80.
The issue received no bids from the Qualified institutional buyers (QIBs) category. High net-worth (HNIs) individuals bid for 2.73 lakh shares of the 21.8 lakh shares reserved for them, 0.12 times the quota. Retail investors bid for nearly 7.89 times of their quota or 1.16 crore shares of the 14.57 crore shares reserved for them.
The issue was an offer for sale (OFS) by promoters P Sundaraparipooranan, P Murali, R Srinivasan and Avon Cycles. The company reported revenues of R20.49 crore for the year ended 31 March 2016 up from R6.6 crore in the previous financial year. For the year ended 31 March 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 31 March 2015.
GreenSignal currently has two products — BCG vaccine for immunisation against tuberculosis and BCG-ONCO for immunotherapy for the treatment of urinary bladder carcinoma under the brand name ‘Urovac’.