Disappointing Start For Onyx Biotec At NSE SME Debut With 11% Discount

11/22/2024 2:11:52 PM

(MENAFN- KNN India) New Delhi, Nov 22 (KNN) Onyx Biotec, a Punjab-based manufacturer of sterile water for injections, made its market debut on the NSE SME platform with a disappointing start on Friday, November 22.

The company's shares opened at Rs 54.05, reflecting an 11.39 percent discount from its initial public offering (IPO) price of Rs 61 per share.

The Pharmaceutical company has earmarked Rs 6.08 crore from its IPO proceeds to upgrade its existing manufacturing capabilities.

This investment will focus on the production of large volume parenteral solutions for intravenous use, which will be marketed under the Onyx brand name to pharmaceutical companies, distributors, stockists, and healthcare facilities.

Operating two manufacturing facilities in Himachal Pradesh, Onyx Biotec has established itself as a significant player in the pharmaceutical contract manufacturing sector, specialising in dry powder injections and dry syrup formulations.

The company has built an impressive portfolio of long-term partnerships with leading pharmaceutical companies, including industry giants such as Sun Pharmaceutical Industries, Mankind Pharma, Hetero Healthcare, and Aristo Pharmaceuticals, among other prominent names in the sector.

(KNN Bureau)

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