ENA MSME 2024-11-22 15:22:36 <p><span style="font-size:14px"><strong>New Delhi, Nov 22 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The pharmaceutical company has earmarked Rs 6.08 crore from its IPO proceeds to upgrade its existing manufacturing capabilities.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 40007 https://knnindia.co.in/news/newsdetails/msme/disappointing-start-for-onyx-biotec-at-nse-sme-debut-with-11-discount 2024-11-22 15:22:36 knnindia.co.in