Emcure Pharmaceuticals Limited IPO

Mainboard

Pharmaceuticals

Listed On: Jul 10, 2024 at ₹ 1325.05(NSE)

₹ 14112 /14 Shares

Check Allotment

03 Jul, 2024

Open Date

05 Jul, 2024

Close Date

08 Jul, 2024

Allotment Date

10 Jul, 2024

Listing Date

Price Summary

Last Closing

1,365.80 (35.5%)

52 Week High

1,532.95

52 Week Low

889.00

Last Update

15-Oct-2025 3:30 PM

Emcure Pharmaceuticals Limited IPO Issue Details

Issue Price ₹960-1008 per equity share
Face Value ₹10 Per Equity Share
Total Issue Size 1,93,65,346 shares(aggregating up to ₹1952.03 crore)
Fresh Share 79,36,507 shares(aggregating up to ₹800 crore)
Offer For Sale 1,14,28,839 shares(aggregating up to ₹1152.03 crore)
Listing at BSE, NSE
List Price 1325.05(NSE)
Listing Date 2024-07-10
Lead Manager Kotak Mahindra Capital Company Limited
Axis Capital Limited
J.P. Morgan India Private Limited
Jefferies India Private Limited
Registrar Link Intime India Private Ltd

Market Lot Size

Investors can bid for a minimum of 14 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application	Lots	Shares	Amount
Retail (min)	1	14	₹14,112
Retail(max)	14	196	₹1,97,568

Emcure Pharmaceuticals Limited IPO Reservation

Emcure Pharmaceuticals Limited IPO offers total 19,483,388 shares. Out of which 3,853,234 (19.78%) allocated to QIB, 2,889,926 (14.83%) allocated to NII,6,743,160 (34.61%) allocated to RII, NA (NA%) allocated to employees and 5,779,850 (29.67%) allocated to Anchor investors.

Investor Category	Shares Offered	Maximum Allottees
Anchor Investor Shares Offered	5,779,850 (29.67%)
QIB Shares Offered	3,853,234 (19.78%)
NII (HNI) Shares Offered	2,889,926 (14.83%)
bNII < ₹10L	1,926,618 (9.89%)
sNII < ₹10L	963,309 (4.94%)
Retail Shares Offered	6,743,160 (34.61%)
Total Shares Offered	19,483,388 (100%)

Emcure Pharmaceuticals Limited IPO Documents

DRHP

RHP

ANCHOR

Emcure Pharmaceuticals Limited IPO Details

Emcure Pharmaceuticals Limited IPO is a book-built issue of ₹1952.03 crores, The total issue size is ₹1952.03 crores. The IPO of Emcure Pharmaceuticals Limited is priced at ₹960-1008 per equity share, which has a face value of ₹10 Per Equity Share each, IPO bidding starts from Jul 3, 2024 and ends on Jul 5, 2024. The allotment for Emcure Pharmaceuticals Limited IPO will be finalized on Jul 8, 2024. Emcure Pharmaceuticals Limited IPO will be listed on BSE, NSE, with a tentative listing date fixed as Jul 10, 2024. The company shall list its equity shares on the BSE, NSE. Link Intime India Private Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 14 shares, extendable to 14,112. The book-running lead manager for the IPO is/are Kotak Mahindra Capital Company Limited, Axis Capital Limited, J.P. Morgan India Private Limited, Jefferies India Private Limited.

The total issue ₹1952.03 crore, comprising a fresh issue of 79,36,507 shares ₹800 crore and having Offer for Sale (OFS) of 1,14,28,839 shares to mop up ₹1152.03 crore.

The Emcure Pharmaceuticals Limited IPO sets its price band at 960-1008 for each share. A single application for Emcure Pharmaceuticals Limited IPO must contain at least 14 shares. Sentiment investors need to invest a minimum of 14 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,112

As on	QIB	NII bNII sNII	Retail	Total
Shares Offered / Reserved	3,853,234	2,889,926 1,926,618 963,309	6,743,160	13,703,538
Day 1 03-07-24 05:00 PM	0.07 x	2.71 2.54 x 3.04 x	1.39 x	1.32 x
Day 2 04-07-24 05:00 PM	1.00 x	13.67 14.15 x 12.70 x	3.43 x	4.98 x
Day 3 05-07-24 05:00 PM	195.83 x	48.28 53.79 x 37.26 x	7.17 x	67.84 x

Total No of Applications

28,45,226

Subscription on the basis of Applications

Retail:5.7x BHNI:10.99x SHNI:36.54x

Emcure Pharmaceuticals Limited Valuations

EPS Pre IPO ₹29.17/-

EPS Post IPO ₹27.95/-

P/E Pre IPO 34.55

P/E Post IPO 36.07

ROE 16.90%

ROCE 19.37%

Debt/Equity 0.67

RoNW 16.87%

Price to Book Value 6.18

Emcure Pharmaceuticals Limited Company Financials

In Crs.

In Cr.

	31-Mar-24	31-Mar-23	31-Mar-22
Assets	7,806.16	6,672.53	6,063.47
Revenue	6,715.24	6,031.72	5,918.86
Profit After Tax	527.58	561.85	702.56
Net Worth	2,952.28	2,501.13	1,987.55
Reserves & Surplus	2,722.40	2,293.77	1,987.55
Total Borrowing	2,091.94	2,202.42	2,102.19

About Emcure Pharmaceuticals Limited Company

Emcure Pharmaceuticals Limited, an Indian pharmaceutical company, develops, manufactures, and globally markets a wide range of pharmaceutical products across several major therapeutic areas.

The company has been ranked 13th in domestic sales among pharmaceutical companies in India for MAT September 2023 and 4th in market share in our covered markets for the same period. Additionally, it is the leading pharmaceutical company in gynaecology and HIV antiviral therapeutic areas for the MAT September 2023.

In the six months ended September 30, 2023, and the Financial Year 2023, sales in India contributed 50.84% and 53.16% of the company's total revenue, respectively. The company's Domestic sales grew at a CAGR of 10.80% between September 2019 and September 2023, outperforming the Indian pharmaceutical market.

As of September 30, 2023, Emcure Pharma employed 552 scientists and operated five research facilities in India. They filed over 1,800 documents globally, including 204 in the EU and 133 in Canada. They had 201 granted patents, 33 pending patent applications, and submitted 102 drug master files.

Emcure Pharmaceuticals has 13 manufacturing facilities in India. These facilities can produce various pharmaceutical and biopharmaceutical products, including pills, liquids, injectables, and complex ingredients such as chiral molecules, iron molecules, and cytotoxic substances.

As of September 30, 2023, the company's marketing and distribution network in India was supported by over 5,000 field personnel who regularly interacted with healthcare providers. The distribution network included over 5,000 stockists, served by 37 carry-and-forward agents.

Emcure Pharmaceuticals Limited - Promoter(s)

Satish Mehta

Sunil Mehta

Pre Issue Share Holding : 98.90%

Post Issue Share Holding : 78.24%

Emcure Pharmaceuticals Limited IPO - Issue Objectives

Repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the company

General corporate purposes

Emcure Pharmaceuticals Limited IPO - Anchor Investors

Emcure Pharmaceuticals raises Rs 583 crore from anchor investors ahead of IPO.

Marquee global investors including Abu Dhabi Investment Authority, Goldman Sachs, and Morgan Stanley bought more than Rs 71 crore worth of shares of the company from the anchor book.

In addition, several mutual funds houses including SBI, HDFC, ICICI Prudential, Whiteoak Capital, Aditya Birla Sun Life Trustee, Axis, Kotak, Nippon Life India, Mirae, Franklin India, UTI, Canara Robeco and Motilal Oswal also participated in the anchor book.

Among others, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, SBI Life Insurance Company, Amundi Funds, Neuberger Berman Emerging Markets Equity Fund, The Prudential Assurance Company, Bajaj Allianz Life Insurance Company, and Max Life Insurance Company, too, invested in the pharma firm.

Emcure Pharmaceuticals Limited IPO - Peers Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (per share) (Rs)	P/E (x)	RoNW (%)	P/BV Ratio	Financial statements
Emcure Pharmaceuticals Limited	27.54	27.54	163.22	N/A	21.27	N/A	Consolidated
Dr. Reddy's Laboratories Limited	335.22	335.59	1693.75	17.93	19.74	3.54	Consolidated
Cipla Ltd.	51.05	51.01	330.78	30.1	15.43	4.64	Consolidated
Alkem Laboratories Ltd	150.19	150.19	862.46	33.86	17.41	5.9	Consolidated
Torrent Pharmaceuticals Ltd.	48.94	48.94	202.57	57.74	24.15	13.95	Consolidated
Mankind Pharma Limited	47.75	47.68	233.73	45.3	20.43	9.24	Consolidated
Abbott India Ltd.	565.28	565.28	1740.71	47.43	32.48	15.4	Standalone
J. B. Chemicals & Pharmaceuticals Limited	35.66	34.85	188.37	50.49	18.9	9.34	Consolidated

Notes:

Basic and Diluted EPS for peers are sourced from the audited financial statements for the relevant year.
The P/E Ratio has been computed based on the closing market price of equity shares on BSE Limited on June 21, 2024, divided by the Diluted EPS.
For listed peers, RoNW is computed as profit attributable to company owners divided by Total Equity attributable to the owners of the Company as on March 31, 2024.
Net Asset Value ("NAV") is computed as the closing net worth divided by the equity shares outstanding as on March 31, 2024.

Strength

Emcure's strong focus on the Indian market, accounting for over half of its revenue, has propelled it to a top position in key therapeutic areas like gynaecology and HIV antivirals, showcasing significant growth potential and market dominance.

With a presence in over 70 countries, particularly in Europe and Canada, Emcure's diversified product portfolio offers ample growth opportunities internationally, contributing significantly to its overall revenue.

Emcure's robust in-house R&D expertise enables the development of a differentiated product range, including complex molecules, novel drug delivery systems, and biotherapeutics, providing the company with a competitive advantage.

Weakness

Emcure Pharmaceuticals Limited faces the risk of non-compliance with regulatory requirements and quality standards. Failure to comply may lead to regulatory actions such as restrictions on product sales, recalls, civil penalties, or criminal prosecutions, which could significantly impact the company's reputation and financial stability.

The company is exposed to product liability claims due to potential quality issues in its products. Product recalls or failure to meet quality standards can result in financial losses, legal proceedings, and damage to Emcure's brand image.

As a highly regulated industry participant, Emcure must obtain and maintain various regulatory licences, permits, and approvals. Changes in regulatory requirements or new laws could further increase compliance challenges for the company.

Emcure faces operational risks related to manufacturing and research activities. Any disruptions, shutdowns, or delays in operations due to equipment failures, accidents, or regulatory disputes could impact production, fulfilment of contractual commitments, and overall business performance.

Contact Details

Emcure Pharmaceuticals Limited

Plot No. P-1 and P-2,, IT-BT Park, Phase II, M.I.D.C., Hinjawadi, Pune -411 057

+91 20 3507 0033

investors@emcure.co.in

https://www.emcure.com/

Registrar Contact Details

Link Intime India Private Ltd

+91-22-4918 6270

emcure.ipo@linkintime.co.in

https://linkintime.co.in/initial_offer/public-issues.html

Emcure Pharmaceuticals Limited IPO - FAQs

Ans. Emcure Pharmaceuticals Limited IPO is a Mainboard IPO. The issue is priced at ₹960-1008 per equity share. The minimum order quantity is 14 Shares. The IPO opens on Jul 3, 2024, and closes on Jul 5, 2024. Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Ans. The Emcure Pharmaceuticals Limited IPO opens on Jul 3, 2024 and closes on Jul 5, 2024.

Ans. You can track the real-time subscription numbers using the links below:

Ans. The size of Emcure Pharmaceuticals Limited IPO is Total ₹1,952.03 Cr : #Fresh Issue : 7,936,507 shares(aggregating up to ₹800.00 Cr) + #OFS : 11,428,839 shares of ₹10(aggregating up to ₹1,152.03 Cr).

Ans. The Emcure Pharmaceuticals Limited IPO price band is set between ₹960-1008 per equity share.

Ans. To apply for Emcure Pharmaceuticals Limited IPO, follow the steps given below:

- Open the IPO Ji App or Website
- Find Emcure Pharmaceuticals Limited IPO in the List of IPOs
- Press Apply Button
- Select Your Demat Account
- Select Your Shares Quantity and Submit
- Track Your IPO Status

Ans. The share allotment date of Emcure Pharmaceuticals Limited IPO is Jul 8, 2024.

Ans. The Emcure Pharmaceuticals Limited IPO will be listed on Jul 10, 2024.

Ans. Follow the steps to check the Emcure Pharmaceuticals Limited IPO allotment status online.