Sunrest Lifescience IPO Listing Overview: Shares start flat, IPO money will be used like this

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Sunrest Lifescience, a healthcare and personal care product company, made its debut on the SME platform of NSE with its IPO listing. Despite a strong response from retail investors, the shares had a weak entry in the market.

Utilization of IPO Funds

The IPO, which saw over 48 times subscriptions from retail investors, issued new shares priced at Rs 84. However, investors did not witness any listing gain as the shares entered the NSE SME at the same price. The stock slipped to Rs 82.50, resulting in a 1.79 percent loss for IPO investors.

IPO Fund Utilization:

Purpose Allocation
Working Capital To be determined
General Corporate Purposes To be determined
IPO Expenses To be determined

Sunrest Lifescience Business Details

Sunrest Lifescience, established in 2017, specializes in the sale of capsules, tablets, syrups, ointments, gels, mouthwashes, solutions, suspensions, dry powders, and toothpaste. With 43 third-party manufacturers across various states, the company has 18 registered trademarks for 32 products.

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Financial Performance

The company’s financial health demonstrates a positive trend, with significant growth in net profit and revenue over the past few fiscal years.

Financial Highlights:

Financial Year Net Profit (in INR) Revenue (in INR)
FY 2021 16.55 lakh 16.95 crore
FY 2022 77.71 lakh 26.91 crore
FY 2023 2.04 crore 24.67 crore
Q1 FY 2023-24 75.08 lakh 5.64 crore

Investor Response

Sunrest Lifescience’s IPO, which was open for subscription from November 7-9, received substantial investor interest. Retail investors bid 65.74 times for their reserved portion, contributing to an overall subscription of 48.54 times. The funds raised from the issuance of 12,91,200 new shares will be directed toward working capital requirements, general corporate purposes, and IPO expenses.

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