Sunrest Lifescience opens IPO by Nov 7

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 NSE Emerge Platform of National Stock Exchange. Proceeds of the public issue will be utilised to fund the company's expansion plans including meeting working capital requirements and General Corporate purpose. Mark Corporate Advisors Private Limited is the lead manager of the issue. Public issue will close on November 09.

The initial public offering comprises a fresh issue of 12.91 lakh equity shares of face value Rs. 10 each at a price of Rs. 84 per share  aggregating up to Rs. 10.85 crore. Minimum lot size for the application is 1,600 shares which translates into investment of Rs. 1.34 lakh per application. Retail allocation for the IPO is kept at 50% of the issue. Market maker reservation portion is 65,600 equity shares. 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 various third-party pharma product manufacturers which also includes Trilend Pharmaceuticals Pvt Ltd (Trilend), a Sunrest group company.

Mr. Nikhilkumar Thakkar, Mr. Amitbhai Thakkar, Mr. Bhagyesh Parekh and Mr. 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. 86.60 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’s Emerge platform.

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