Zota IPO gets 16 times subscribed receiving bids worth Rs.902 crores

Zota health care IPO which hit the market on April 27 has received an overwhelming response from retail investors and high net worth individuals, which has declared Rs.58.50 Crores as its initial public offering. The issue was subscribed 15.9 times, with the company receiving bids worth ₹902 crore.

Against the offer size of 46.80 lakh shares, the issue received bids for 7.46 crore shares. While retail investors bid for 5.6 crore shares, HNIs pitched for 1.286 crore shares. However, qualified institutional buyers bid for only 1.75 lakh shares. The issue closed for subscription on Tuesday.

The company has announced its price band of Rs.121-125 with a fresh issue of 31.80 lakh equity shares and an offer for sale of 15 lakh equity shares.

Zota health care is into the production of wide range of pharmaceutical, besides nutraceuticals and ayurvedic products. In addition to its domestic production, it has its clients across Asia, Africa, CIS and Latin America where its products can be seen.

The company currently holds the patent of 6 products and is awaiting patent approval for 13 more. The company is also about to launch its mobile application for its Nutravedic division and expanding its presence in the digital world.

In order to enhance its visibility in the domestic and international markets, and to raise funds to finance its expansion plans the company has decided to go public.