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PNN
Ahmedabad (Gujarat) [India], November 4: Ahmedabad-based Pharmaceutical company, Sunrest Lifescience Ltd is planning to raise Rs 10.85 crore from its SME public issue. The public issue opens for subscription on November 7. The company has received approval to launch its public issue on SME Emerge Platform of National Stock Exchange. Proceeds of the public issue will be utilised to fund company's expansion plans including meeting working capital requirements and General Corporate purpose. Mark Corporate Advisors Private Limited is the book running lead manager of the issue. Public issue will close on November 9. Highlights:- * Public issue opens for subscription from November 7 and closes on November 9 * Minimum lot size for application is 1600 shares; Minimum IPO application amount Rs 1.34 lakh * Funds raised through the issue will be used to meet working capital requirements and General Corporate Purpose. * For the FY22-23 company reported revenues of Rs 24.67 crore and Net Profit of Rs 2.04 crore * Mark Corporate Advisors Private Limited is the book running lead manager of the issue. The initial public offering comprises of a fresh issue of 12.91 lakh equity shares of face value Rs 10 each at a price of Rs 84 per share (including a premium of Rs 74 per equity share) aggregating up to Rs 10.85 crore. Minimum lot size for the application is 1,600 shares which translates in to investment of Rs 1.34 lakh per application. Retail allocation for the IPO is kept each at 50% of the issue. Market maker reservation portion is 65,600 equity shares. Incorporated in 2017, Sunrest Lifescience Limited offers a diverse range of healthcare and personal care products. The company's product range includes Capsules, Tablets, Syrup, Ointment, Gel, mouthwash, Solution, Suspension, Dry Powders, and Toothpaste. Sunrest Lifescience's product portfolio encompasses an extensive range of drugs such as Anti-Bacterial, AntiDiarrheal, AntiFungal, Anti Malerial, Anti Diabetic, Dental Cure, Anti Protozol, Anti Histamine, Anti-Hypertensive drugs, Cosmetic, Anti Parasitic, Multivitamin, Multimineral, Nutraceutical, and Anti-inflammatory. With 18 Registered Trademarks for 32 products, Sunrest Lifescience is committed to delivering high-quality products to its customers. The company gets its products manufactured by third-party pharma product manufacturers which also includes Trilend Pharmaceuticals Pvt Ltd (Trilend), a Sunrest group company. The company has 43 third-party manufacturers across these states: Gujarat, Punjab, Maharashtra, Haryana, Himachal Pradesh, Uttarakhand and Madhya Pradesh. Nikhilkumar Thakkar, Amitbhai Thakkar, Bhagyesh Parekh and Bharatkumar Thakkar are the promoters of the company. Promoter holding post-issue will be 69.91%. For the FY22-23 company reported total revenue of Rs 24.67 crore and Net Profit of Rs 2.04 crore. As on 30 June 2023, Reserves & Surplus stands at Rs 86 lakh, Total Assets at Rs 17.06 crore and Net Worth of Rs 3.86 crore. Shares of the company will be listed on NSE Emerge platform. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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