NSE SME Sunrest Lifescience jumps on debut

Shares of Sunrest Lifescience were quoting at Rs 79.80 on the NSE, a discount of 5% compared with the issue price of Rs 84.

The scrip was listed at Rs 84, at par with the initial public offer (IPO) price. The stock was currently frozen in a lower limit of 5% over its listing price.

The counter hit a high of Rs 84 and a low of Rs 79.80. About 3.53 lakh shares of the company changed hands at the counter.

Sunrest Lifescience's IPO was subscribed 45.09 times. The issue opened for bidding on 7 November 2023 and it closed on 9 November 2023. The price of the IPO was fixed at Rs 84 per share.

The IPO comprised fresh issue of 12,91,200 shares. The promoter and promoter shareholding diluted to 69.91% from 100% pre-IPO.

The company intends to utilize the net proceeds for meeting working capital requirements and general corporate purpose.

Sunrest Lifescience is is engaged in the marketing of OTC generic pharmaceutical products in the domestic market. The company offers wide range of pharmaceutical formulations and products manufactured by third party manufacturers. It is also engaged in the marketing of OTC generic pharmaceutical products in the domestic market. The firm deals in capsules, tablets, syrup, ointment, gel, mouth wash, solution, suspension, dry powders and toothpaste. The company operates in different states of India such as Maharashtra, Gujarat, Madhya Pradesh, Orissa and Rajasthan. The company has 18 registered trademarks for 32 products. The company has the total 171 employees.

The company recorded revenue from operations of Rs 5.63 crore and net profit of Rs 0.75 crore for the period as on 30 June 2023.

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