Vodafone Idea FPO gets oversubscribed

India

Vodafone Idea had a roller coaster ride during the further public offer (FPO) period as the already listed shares were extremely volatile as investors were clueless how new FPO shares when listed would impact the share price.

Prior to the FPO, Vodafone Idea had 38.18 lakh shareholders, making it one of the top listed companies with one of the highest number of shareholders in the country.

The FPO received 11.62 lakh applications with retail portion getting subscribed 0.92 times.

exports pharma products worth $2-3 billion every month.

India's pharma industry is the third largest by volume and the 13th largest by value in the world, producing more than 60,000 generic drugs across 60 therapeutic categories.

The government has rolled out two productionlinked incentive (PLI) schemes to promote domestic manufacturing of key pharm ingredients and generic medicines.

Earlier, reports suggested that the pharmaceutical sector companies will continue to benefit from growth in the domestic as well as export markets.

The report suggested the Indian pharmaceuticals market to grow 8-9 per cent in FY25. — PTI

Now the volatility is likely to come down with the listing of new FPO shares scheduled on April 25. Vodafone Idea shares closed over 9 per cent down at `13.10 after rising over 14 per cent in the previous session on Tuesday as the FPO was oversubscribed over all.

On the final day of the Vodafone FPO bidding again the share price fell to a low of `12.10 before a sharp recovery as the `18,000 crore FPO was a success and was hugely subscribed at 6.36 times. This resulted in the share price rising further in the next session touching a high of `14.75.