The IPO of Onyx Biotec, which opened for bidding today, November 13, garnered strong investor interest, with the offering being subscribed 2.22 times by 3:30 p.m., according to exchange data.
Onyx Biotec IPO opened for IPO subscription
The retail investor segment was notably active, with subscriptions reaching 4.23 times the allocated shares, while the non-institutional investor (NII) category saw a subscription of 1.16 times. However, the qualified institutional buyer (QIB) segment did not receive any bids on the first day.
How it will use the IPO proceeds
Onyx Biotec plans to utilize the net proceeds from the IPO for various initiatives, including upgrading its existing Manufacturing Unit I to produce large-volume parenteral solutions for intravenous use, setting up a high-speed carton packaging line at Manufacturing Unit II for dry powder injections, repaying or prepaying a portion of its outstanding loans, and for general corporate purposes.
The price band for the IPO is set between ₹58 and ₹61 per equity share.
