Sunrest Lifesciences Ltd to raise Rs 10.85 crore through SME IPO – Times of India

by The Technical Blogs

AHMEDABAD: 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 NSE 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.
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.
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, dry powders and toothpaste.
The company has 18 registered trademarks for 32 products. 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 various third-party manufacturers across states like Gujarat, Punjab, Maharashtra, Haryana, Himachal Pradesh, Uttarakhand and Madhya Pradesh.
For the FY22-23 company reported total revenue of Rs 24.67 crore and net profit of Rs 2.04 crore.

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