Shares of Nureca Ltd were listed at Rs 615 apiece on the National Stock Exchange, a strong premium of 53.75 percent to the issue price of Rs 400 per share. The stock was listed at Rs 634.95 on the BSE.
The Rs 100-crore public issue of the home healthcare and wellness products provider Nureca was subscribed 40 times between February 15-17. The retail portion was subscribed 166.65 times while the portion reserved for Qualified Institutional Buyers was subscribed 3.10 times and 31.59 times for non-institutional buyers.
The price band for the issue was set between Rs 396-400 apiece. The proceeds of the issue will be used for funding the company's incremental working capital requirements and for general corporate purposes, the company said in a statement.
Most brokerages gave a subscribe rating for the issue on the back of attractive valuations, diversified portfolios and expectations of strong growth.
Nureca is a B2C company engaged in the business of home healthcare and wellness products, which offers quality, durability, functionality, usability and innovative designs. The brands which are currently being used by the company include Dr Trust, Dr Physio and Trumom.
Nureca is a digital first company wherein they sell their products through online channel partners such as e-commerce players, distributors and retailers. Further, they also sell their products through their own website drtrust.in.
According to analysts, key strengths of the company include strong portfolio of the products and consistent focus on quality and innovation, asset-light business model and competitive products and experienced promoter with strong senior management team having domain knowledge.
The revenue from operations for the firm has grown at a CAGR of 122.68 percent during 2018-2020 and net profit has grown at a CAGR of 43.35 percent in the same period.
First Published: Feb 25, 2021 10:02 AM IST
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