Even as Sudeep Pharma’s IPO entered its last day of public bidding on Tuesday, the grey market premium (GMP) decreased.

The GMP, a measure of investors’ readiness to pay more than the issue price, has decreased from above 20% two days ago to about 14%.

According to NSE statistics available at 11 am, the IPO has received bids for 8.64 crore shares against an offer size of around 1.06 crore shares, despite the drop in gray market sentiment.

Retail investors have put bids close to seven times their quota, while non-institutional investors have subscribed more than 22 times.

Approximately 16% of qualified institutional buyers have subscribed.

The current GMP is between 14% and 14.33% over the upper price band of Rs 593 per share, according to market trackers Investorgain and IPO Watch.

It is anticipated that the premium would continue to change until the listing.

A fresh issue of Rs 95 crore and an offer-for-sale (OFS) of shares valued at Rs 800 crore by promoters make up Sudeep Pharma’s Rs 895 crore IPO.

Subscriptions for the issue began on November 21 and will end today. A minimum lot of 25 shares might be applied for by retail investors.

According to the timeline, the listing is anticipated on November 28 and the allocation of shares is anticipated to occur on November 26.

The company intends to purchase machinery at its Nandesari factory in Gujarat with Rs 75.81 crore from the new issue; the remaining funds would be utilized for general corporate purposes.

Sudeep Pharma is committed to supporting the global healthcare ecosystem and is a technology-driven producer of excipients and specialty ingredients for the pharmaceutical, food, and nutrition industries.