Morepen Laboratories Launches Rs 250-Crore QIP

Morepen Laboratories Ltd is a prominent pharmaceutical company with a state-of-the-art Research & Development Centre, poised to capitalise on the generic revolution by filing multiple DMFs and COS for new APIs. This focused and dynamic business model enhances Morepen’s core competencies while aligning with its existing chemistry expertise. The R&D center in Masulkhana, Parwanoo, and Baddi, staffed by over 20 scientists, is equipped with advanced technology for various projects. Morepen Laboratories is a pharmaceutical manufacturer committed to delivering high-quality healthcare solutions through its pharmaceutical and medical technology products.Morepen’s trusted brands, Dr. Morepen and Gubb World, offer a wide range of healthcare, grooming, and OTC products, serving over 100 million discerning consumers. With 40 years of excellence and a presence in more than 82 countries, Morepen Laboratories boasts over 800 products, underscoring its commitment to quality and innovation in the pharmaceutical and healthcare sectors.Morepen Laboratories manufactures and markets Active Pharmaceutical Ingredients (APIs) and generic formulations. India’s pharmaceutical industry is projected to reach $65 billion by 2024 and $130 billion by 2030. As of 2023, exports account for over $25 billion, with India supplying about 20% of global generic drug exports.

Morepen Laboratories Ltd launch share placement:

Morepen Labs announced the launch of a share placement on August 1, 2024, through the Qualified Institutional Placement (QIP) route. The floor price for the shares has been set at Rs 57.23 per share, offering a discount of up to 5%.The company aims to raise approximately Rs 250 crore through this QIP offering. Morepen plans to issue 3.67 crore equity shares, with an additional 91.9 lakh green shoe option available at the same floor price. The indicative price for the placement is Rs 54.37 per share. Motilal Oswal will serve as the banker to the issue.Morepen received board approval for the share issue in February 2024, and the shareholders approved the resolution at their Extraordinary General Meeting held in March 2024.

Morepen Lab share price:

The stock price of Morepen Lab has increased by 5% today in the intraday segment, following the news of a successful QIP route deal. This development is expected to significantly contribute to the company’s growth. The current trading price stands at Rs. 62.53 per share.

Conclusion: The decision by Morepen Lab to opt for the QIP route will significantly contribute to their exponential growth in the near future.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.