Emcure Pharmaceuticals’s IPO of Equity Shares to open on July 03, 2024

• Price Band fixed at ₹960 per equity share of face value of ₹ 10 each to ₹1008 per equity share of the face value of ₹10 each (“Equity Shares”) of Emcure Pharmaceuticals Limited

 Anchor Investor Bid/Offer Period – Tuesday, July 02, 2024

 Bid /Offer Opening Date – Wednesday, July 03, 2024, and Bid/ Offer Closing Date – Friday, July 05, 2024

 Bids can be made for a minimum of 14 Equity Shares and in multiples of 14 Equity Shares thereafter

 Red Herring Prospectus dated June 26, 2024 (“RHP”) link: https://investmentbank.kotak.com/downloads/emcure-pharmaceuticals-limited-RHP.pdf

 Price band advertisement link: https://ipoinformation.in/

 Ahmedabad, July 01, 2024: Emcure Pharmaceuticals Limited (the “Company”) proposes to open its initial public offering of Equity Shares (“Offer”) on Tuesday, July 02, 2024. The Anchor Investor Bid/Offer Period is one Working Day prior to Bid/Offer Opening Date, that is, Wednesday, July 03, 2024. Bid/ Offer Closing Date will be on Friday, July 05, 2024.

The Price Band of the Offer has been fixed from ₹ 960 per Equity Share to ₹ 1008 per Equity Share. Bids can be made for a minimum of 14 Equity Shares and multiples of 14 Equity Shares thereafter.

The offer includes a reservation of up to 108,900 equity shares of face value of ₹10 each, aggregating up to ₹[●] million, for subscription by eligible employees (the “Employee Reservation Portion”). The Company, in consultation with the Book Running Lead Managers, has offered a discount of up to ₹90 per Equity Share to Eligible Employees bidding under the Employee Reservation Portion (“Employee Discount”). The Offer less the Employee Reservation Portion is hereinafter referred to as the “Net Offer”. The Offer and the Net Offer shall constitute [●]% and [●]%, respectively, of the post-Offer paid-up equity share capital of the Company.

The Company proposes to utilize the net proceeds towards repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the Company and general corporate purposes.

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”), provided that our Company may, in consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in accordance with the SEBI ICDR Regulations.

In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares of face value of ₹10 each shall be added to the remaining QIB Portion (“Net QIB Portion”). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price.

However, if the aggregate demand from the Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares of face value of ₹10 each available for allocation will be added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders (“Non-Institutional Portion”) in accordance with the SEBI ICDR Regulations, out of which (a) one-third of such portion shall be reserved for Bidders with application size of more than ₹0.20 million and up to ₹1.00 million; and (b) two-thirds of such portion shall be reserved for Bidders with application size of more than ₹1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to Bidders in the other sub-category of Non-Institutional Bidders. Further, not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“Retail Portion”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price (net of Employee Discount, if any). All Bidders (except Anchor Investors) are mandatorily required to utilize the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts (and UPI ID in case of UPI Bidders), as applicable, pursuant to which their corresponding Bid Amount will be blocked by the Self Certified Syndicate Banks or by the Sponsor Banks under the UPI Mechanism, as the case may be. Anchor Investors are not permitted to participate in the Offer through the ASBA Process.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on both BSE Limited (“BSE“) and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”).

Kotak Mahindra Capital Company Limited, Axis Capital Limited, Jefferies India Private Limited, and J.P. Morgan India Private Limited are the Book Running Lead Managers to the Offer.

 All capitalised terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the RHP.

 Disclaimer Emcure Pharmaceuticals Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares (“Equity Shares“) and has filed the red herring prospectus dated June 26, 2024 (the “RHP”) with the RoC. The RHP is available on the website of SEBI at www.sebi.gov.in, as well as on the websites of stock exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.emcure.com and on the websites of the BRLMs, i.e. Kotak Mahindra Capital Company Limited, Axis Capital Limited, Jefferies India Private Limited and J.P. Morgan India Private Limited at https://investmentbank.kotak.com, www.axiscapital.co.in, www.jefferies.com and www.jpmipl.com, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see ‘Risk Factors’ on page 42 of the RHP. Potential Bidders should not rely on the DRHP and Addendum filed with SEBI for making any investment decision.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States absent registration under the U.S. Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (i) in the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) pursuant  to Section 4(a) of the U.S. Securities Act, and (ii) outside the United States in offshore transactions as defined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.