Nureca shares having a price band of Rs396-400 per share makes a strong listing debut of Rs. 634.95 per unit on Dalal Street on Thursday. This listing is a 58.74 percent premium over its IPO price on BSE. The shares also got listed at 53.75 percent over the issue price at Rs 615 per share on NSE. The total of Rs 100 crore public issue was subscribed 39.93 times during its three-day process of bidding where the qualified institutional category (QIB) was subscribed 3.10 times, non-institutional investors 31.59 times, and retail institutional investors (RIIs) 166.65 times. There were 14.01 lakhs offered and the bids received amounted to 5.59 shares. The shares were seen trading at a premium of 20 percent or Rs 80 apiece, at Rs 480 in the grey market on Thursday.
Along with the reservations of 65 percent, 10 percent, and 15 percent each for Qualified Institutional Buyers (QIB), Retail investors, and Non-Institutional categories respectively, a reservation of equity shares worth Rs 50 Lakh subscription was kept for eligible employees, some of whom were given a discount of Rs 20 per share. The bidding for the issues was to be made in a lot size of 35 equity shares and its multiples.
Nureca is the first digital company that sells its products like chronic device products, orthopedic products, mother and child products, nutrition supplements, and lifestyle products through its website drtrust.in along with other online partners that is other e-commerce players, retailers, and distributors. Analysts at Reliance Securities stated that with opportunities in the health care structure, this growth momentum could sustain for many coming years while some analysts at BP Equities Pvt. Ltd. (Institutional Equities) had recommended avoiding the issue. They said that the company is valued at 63x P/E based on FY20 and feels it stretched and the future growth sustainability is a matter of concern.