HomeNewsBusinessIPO The supplier of sterile products, Onyx Biotec, will launch its IPO for subscription on November 223. The Onyx Biotec IPO includes only a new issue of 222 lakh shares valued at Rs 20 crore at the highest price point. Therefore, the company will receive the net proceeds from the issue (excluding offering expenses) related to the Onyx Biotec IPO. Onyx Biotec, a supplier of sterile products, will launch its initial public offering worth Rs 28,000 crore for subscription on November 13, with a share price range of Rs 58-61. The matter will be resolved on November 18. The IPO includes only a new issue of 48.10 lakh shares valued at Rs 29.34 crore at the highest price band. The company will receive the net proceeds from the issue (after deducting offering expenses). The Punjab-based firm that produces sterile water for injections plans to allocate Rs 3 crore from the net IPO proceeds to upgrade its current manufacturing facilities to produce large volume parentals for intravenous use, which will be marketed under the Onyx brand to pharmaceutical companies, distributors, stockists, and hospitals. Additionally, it aims to invest Rs 1.24 crore in establishing a high-speed cartoning packaging line for dry powder injections and will use the proceeds to pay off a Rs 12 crore debt. The leftover funds from the IPO will be allocated for overall corporate activities. As of May 2024, its total borrowings reached Rs 29.09 crore. Additionally, Paramesu Biotech has submitted draft papers to raise Rs 600 crore through an IPO.
