The offer for sale opened for subscription for non-retail investors and was subscribed 1.36 per cent so far. Retail investors can bid for the shares on Friday. Only 10 percent of all shares on offer is reserved for retail investors.
The floor price for the sale shall be Rs 375 but the actual price is expected to be higher as bidding is happening at higher prices. In fact, in just one and half hours of bidding, the indicative price rose to Rs 422.25.
Dhanuka Laboratories, which is one of the promoters of Orchid Pharma, proposes to sell up to 32,80,115 shares, representing 8.04 per cent of the total issued and paid-up equity share capital of the company.
Shares of Orchid Pharma were stuck at Rs 1,187.85, down 10 per cent. There were no buyers and nearly 4 lakh sell orders were pending for the scrip.
Institutional Securities and Securities are the managers of the issue.
