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Syncom Healthcare IPO Subscribed 5 Times

Indore based Syncom Healthcare's public issue of 75,00,000 equity shares has received good response from investors on the last day of subscription. It has been subscribed 5.17 times, as per the data available on the NSE web site.

The company is going to raise Rs. 48.75-56.25 crore with the price band of Rs. 65-75 per equity share from this issue. The issue constituted 42.86% of the fully diluted post issue paid up capital of the company. The issue was opened on January 27.

The company is in the business of manufacturing, marketing and distribution of pharmaceutical formulations under own brands of Ethical, OTC, Generic and Herbal market segment.

The proceeds from the issue will be used for setting up new manufacturing unit at Indore SEZ for various pharmaceuticals formulations; undertaking the upgradation/modernization of manufacturing facilities at Dehradun Plant; working capital requirements; setting up an export office at Mumbai and undertaking Brand & Product Registration and Approval.

For its Dehradun Plant, it has 100% central excise exemption for a period of 10 year from the year of commencement of production, and 100% income tax exemption for first 5 years from first assessment year; 30% for subsequent 5 years and MAT is payable by the company but is eligible for set off.

The book running lead manager to the issue is Chartered Capital and Investment Ltd. and Link Intime India Pvt. Ltd. is the registrar.

The Initial Public Offering (IPO) shall be rated by rated Credit Analysis and Research (CARE)

Syncom Healthcare (SHL) started as a marketing company, outsourcing its requirement of finished products (Under Its Own Brand and Drug License) from other formulation manufacturing units based in and around Indore. Presently also SHL is outsourcing some of its requirement of finished products.

Syncom has a purchase and sale arrangement with these companies wherein the supplier unit manufactures SHL`s products on SHL`s specification and under its quality control. SHL controls the quality of raw material, their sourcing by the supplier as well as production in the units of these suppliers. The manufactured goods, are sold to SHL on pre-decided order prices for each formulated product.

 
 
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