The scrip was listed at Rs 137.85, a premium of 305.44% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.
The counter hit a high of Rs 144.70 and a low of Rs 130.95. About 18.04 lakh shares of the company changed hands at the counter.
Medicamen Organics' IPO was subscribed 657.72 times. The issue opened for bidding on 21 June 2024 and it closed on 25 June 2024. The price band of the IPO was fixed between at Rs 32 to Rs 34 per share. The IPO comprised fresh issue of 31,00,000 equity shares.
The company intends to utilize the net proceeds to meet funding to working capital requirements, funding of expenses proposed to be incurred towards product registration in the international markets, plant updation and increase in production capacity and general corporate purpose.
Ahead of the IPO, Medicamen Organics on 20 June 2024, raised Rs 2.97 crore from anchor investors. The board allotted 8.76 lakh shares at Rs 34 per share to 2 anchor investors.
Medicamen Organics is a pharmaceutical company that makes a wide range of generic medications. They sell their products to governments, hospitals, and other drug companies. They mostly sell through other distributors but have recently begun exporting directly to some countries. The company has facilities in India and sells products in many African and Southeast Asian countries. As of March 2024, they employ 112 people.
The company recorded revenue from operations of Rs 25.27 crore and net profit of Rs 2.40 crore for the period as on 31 December 2024.