New Delhi, May 21 (H.S.): Accretion Pharmaceuticals, a healthcare product and pharmaceutical company, faced a disappointing debut on the stock market today, disappointing IPO investors. The shares were issued at ₹101 under the IPO but started trading at ₹79, a 21.78% discount on the NSE’s SME platform. Despite receiving buying support that pushed the share price to the upper circuit limit of ₹82.95 shortly after listing, investors still experienced a loss of approximately 17.87% on the first day.
The IPO, which raised ₹29.75 crore, was open for subscription from May 12 to 16 and attracted significant interest, achieving overall subscriptions of 7.67 times. The Qualified Institutional Buyers (QIBs) segment was oversubscribed 12.14 times, while Non-Institutional Investors (NIIs) and retail investors subscribed 4.28 and 10.14 times respectively. Under the IPO, 2,946,000 new shares were issued with a face value of ₹10. The funds raised will be allocated for machinery purchase, facility upgrades, debt repayment, working capital, and other corporate purposes.
Financially, the company’s health appears to be improving, with net profits rising from ₹8 lakh in 2021-22 to ₹10 lakh in 2022-23, and projections indicate a net profit of ₹3.88 crore for 2023-24, alongside a revenue increase to ₹33.94 crore.
Hindusthan Samachar / Jun Sarkar
