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The initial public offering (IPO) of Nureca Ltd has been subscribed 5.73 times so far on Monday, the first day of bidding. The Rs 100-crore issue has a total IPO size of 14.01 lakh shares.

As per the data available on the exchanges, the portion reserved for retail investors has been subscribed more than 31 times, while that of employees’ is 90 percent subscribed. The portion set aside for non-institutional investors witnessed 54 percent subscription, while qualified institutional buyers are yet to put in their bids.

The offer size excluded anchor book through which the company already raised Rs 44.55 crore on Friday.

The public offer will close on February 17. The price band for the issue has been fixed at Rs 396-400 per share.

Read here:

Nureca’s Rs 100-crore IPO opens for subscription today; Check offer price details, bid size, closing date

The company has reserved Rs 1 crore worth of shares in the IPO for its employees who will get those shares at a discount of Rs 20 per share.

The proceeds of the issue will be used for funding the company's incremental working capital requirements and for general corporate purposes, the company said in a statement.

Nureca is a B2C company engaged in the business of home healthcare and wellness products, which offers quality, durability, functionality, usability and innovative designs. The brands which are currently being used by the company include Dr Trust, Dr Physio and Trumom.

Nureca is a digital-first company wherein they sell their products through online channel partners such as e-commerce players, distributors and retailers. Further, they also sell their products through their own website drtrust.in.

Yash Gupta—Equity Research Associate, Angel Broking said he has a positive outlook for the IPO.

First Published:Feb 15, 2021 2:26 PM IST