Poly Medicure edges higher after raising Rs 1,000 crore via QIP issue

The company has allotted 53.19 equity shares to qualified institutional investors, the shares were priced at Rs 1,880 apiece, resulting in an issue size of approximately Rs 1,000 crore.

The QIP garnered interest from a diverse range of investors, including long-only funds, mutual funds, insurance companies, and other key stakeholders.

The QIP witnessed participation from various institutional investors, with the allottees receiving more than 5% of the total issue size.

Lighthouse India Fund received 20% allocation from the total issue, followed by SBI Mutual Fund (13%) and Nomura Funds Ireland (10.50%),

Further, ICICI Prudential Life Insurance Company, Kotak Mahindra Life Insurance Company, Quant Mutual Fund, Max Life Insurance Company received an allocation of 5% each.

Poly Medicure intends to use the proceeds from the issue for funding capital expenditure to be incurred by the company for setting up of manufacturing facilities, pursuing inorganic initiatives; and general corporate purposes.

Poly Medicure manufactures disposable medical items, such as IV cannula, blood bags, blood collection tubes, and infusion and transfusion sets.