Infinium Pharmachem IPO: Final Subscription Details

Infinium Pharmachem IPO: Final subscription details
Infinium Pharmachem IPO: Final subscription details

by 5paisa Research Team Last Updated: Apr 05, 2023 - 06:03 pm 827 Views
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Infinium Pharmachem IPO closed for subscription on Wednesday, 05th April 2023. The IPO had opened for subscription on 31st March 2023. Let us look at the final subscription status of Infinium Pharmachem Ltd at the close of subscription on 05th April 2023.

A quick word on Infinium Pharmachem Ltd

Infinium Pharmachem Ltd is focused in the CRAMS (contract research and manufacturing services) business. Its primary focus is on Iodine chemistry and this has remained the core area of Infinium Pharmachem Ltd. Infinium Pharmachem Ltd supplies a complete spectrum of superior quality Iodine Derivatives and APIs since 2003. APIs or active pharma ingredients are the inputs that go into the manufacture of pharmaceutical products. It provides the full suite of services ranging from R&D to Commercial scale manufacturing and packaging for clients in pharmaceuticals, agrochemicals, nutraceuticals, speciality chemicals etc. It has made to order and off the shelf products in iodine derivatives. Infinium also develops and manufactures confidential and rarely available Iodine compounds.

The client roster of Infinium Pharmachem Ltd ranges from MSMEs to MNCs operating in the field of pharmaceuticals, electronics, flavour and fragrances, cosmetics, agrochem and nutraceutical products. It has a 41,000 square metres manufacturing facility in Gujarat for scale and for high purity complex Iodine derivatives. Infinium Pharmachem has a portfolio comprising of over 200 Iodine derivatives and 7 Active Pharmaceutical Ingredients (APIs). Its CRAMS solutions are cost-effective and varied with the capability to develop complex iodine compounds. It provides after-sales support vendor documentation and regulatory compliance.

What was the Infinium Pharmachem SME IPO all about?

The Rs25.26 crore IPO of Infinium Pharmachem Ltd comprises entirely of a fresh issue. The total SME IPO of Infinium Pharmachem Ltd entails issue of 18.75 lakh shares at a fixed price of Rs135 per share aggregating to Rs25.26 crore. The stock has a face value of Rs10 and retail bidders can bid in minimum lot size of 1,000 share each. Thus, the minimum investment of Rs135,000 in the IPO is the base limit. That is also the maximum that a retail investor can apply for in the IPO.

HNIs can invest in 2 lots of 2,000 shares worth Rs270,000 as the bare minimum investment. There is no upper limit for the HNI / NII category. Infinium Pharmachem Ltd will deploy the funds for marketing / branding expenses, repayment of existing loans, expansion in Europe, working capital needs and general corporate purposes. Post the IPO, the promoter equity in the company will get diluted from 100.00% to 73.05%. The issue is lead managed by Swastika Investmart Ltd, while Bigshare Services Private Limited will be the registrars to the issue. Let us now turn to the final subscription details.

Final subscription status of Infinium Pharmachem Ltd

Here is the subscription status of the Infinium Pharmachem Ltd IPO as at close on 05th March 2023.

Category

Subscription (times)

NII

1.80

Retail

1.86

Total

1.84

The issue was only open for retail investors and for the HNI / NIIs. There was no quota for the QIBs in the SME IPO of Infinium Pharmachem Ltd. The subscription was almost equally distributed in subscription between the retail investors and the HNI / NII segment. However, the overall subscription was fairly muted, possibly due to challenging market conditions. Here is the day-wise progression of the subscription status of Infinium Pharmachem Ltd IPO.

Date

NII

Retail

Total

March 31st, 2023 (Day 1)

0.06

0.10

0.08

April 03rd, 2023 (Day 2)

0.31

0.57

0.44

April 05th 2023 (Day 3)

1.80

1.86

1.84

It is clear from the above table that both the retail portion and the HNI / NII portion got fully subscribed only on the third and last day of the IPO. The overall subscription completed one-time subscription by middle of the third day only. A total of 1,742 retail applications were received for the IPO. Let us finally look at how the distribution of the IPO across classes happened

Category

Shares Offered

Amount (Rs Cr)

Size (%)

NII

8,70,000

11.75

50.00%

Retail

8,70,000

11.75

50.00%

Total

17,40,000

23.49

100.00%

In the above table, you will find the total number of shares lower than the number of shares issued in the IPO, but that gap is on account of the allocation of 94,400 shares for market making and an additional employee quota of 41,000 shares offered at discount of 10%. That is the difference. Market maker for the IPO is Swastika Investmart Ltd.

The issue opened for subscription on 31st March 2023 and closed for subscription on 05th April 2023 (both days inclusive). The basis of allotment will be finalized on 11th April 2023 and the refunds will be initiated on 12th April 2023. In addition, the demat credits are expected to happen on 13th April 2023 and the stock is scheduled to list on 17th April 2023 on the NSE SME segment. This is the segment, in contrast to the mainboard, where IPOs of small and medium enterprises (SMEs) are incubated.

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