Sunrest Lifescience Limited commenced its journey on the NSE SME platform today with its shares opening at the initial public offering (IPO) price of ₹84. Despite a favorable grey market premium (GMP) indicating a higher expected valuation, the stock experienced a decline shortly after trading began, falling by more than 4% to ₹80.5.
The company's IPO, which ran from November 7 to November 9, attracted considerable investor interest, particularly from retail investors who subscribed to the offering at a multiple of 65 times. Non-institutional buyers also showed strong demand, subscribing at a multiple of 29 times. The total subscription reached an impressive 48 times the number of shares offered.
Sunrest Lifescience aimed to raise ₹10.85 crore (INR10 crore = approx. USD1.2 million) exclusively through the issuance of new equity, totaling 1,291,200 shares without any offer-for-sale (OFS) component. The capital raised is intended for funding working capital requirements, general corporate purposes, and covering expenses related to the public issue.
The company's product portfolio includes personal care and healthcare products that address a variety of health concerns, such as multivitamins, anti-diabetic treatments, and anti-hypertensive medications. Sunrest Lifescience collaborates with third-party manufacturers in states like Gujarat and Punjab among others to produce these items.
The key promoters leading the company are Nikhilkumar Y Thakkar, Amitbhai Shambhulal Thakkar, Bhagyesh Kiritbhai Parekh, and Bharatkumar V Thakkar. Mark Corporate Advisors Private Limited served as the book-running lead manager for the IPO, with Skyline Financial Services Private acting as the registrar. Svcm Securities was appointed as the market-maker for this financial milestone.
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