The initial public offering of Bio Medica Laboratories will open for subscription on Thursday, with grey market activity indicating muted sentiment ahead of the issue launch. The IPO was commanding a grey market premium (GMP) of 0%, suggesting no premium over the upper end of the issue price band in the unofficial market.The NSE SME issue aims to raise around Rs 52.43 crore through a combination of fresh issue and offer-for-sale components. The IPO consists of a fresh issue of 33.95 lakh shares aggregating to around Rs 47.19 crore and an offer for sale of 3.77 lakh shares worth approximately Rs 5.24 crore.The issue will open for subscription on May 21 and close on May 25. Shares are tentatively scheduled to list on the NSE SME platform on May 29. The company has fixed the price band at Rs 132-139 per share.Investors can bid for a minimum of 1,000 shares, but retail investors will have to apply for at least two lots or 2,000 shares, translating into a minimum investment of Rs 2.78 lakh at the upper price band. For small HNI investors, the minimum application size has been fixed at 3,000 shares amounting to Rs 4.17 lakh.Incorporated in 2015, Bio Medica Laboratories manufactures pharmaceutical parenteral formulations including injectable drugs for both human and veterinary healthcare segments. Its product portfolio includes liquid injectables and dry powder injectables across ethical drugs, generic medicines and over-the-counter pharmaceutical categories.The company currently offers 58 liquid injectable products and 15 dry powder injectable products. These products are manufactured in both single-dose and multi-dose formats catering to hospitals, healthcare institutions and pharmaceutical distributors.The IPO proceeds will primarily be used for working capital requirements, capital expenditure and general corporate purposes.Narnolia Financial Services is the book-running lead manager to the issue, while Skyline Financial Services is acting as the registrar.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)