Akums Drugs Raises Rs 828 Crore From Anchor Investors Prior To IPO Launch

Nine domestic mutual funds have applied through a total of 24 schemes,

Akums Drugs and Pharmaceuticals Ltd. (Source: Official website)

Akums Drugs and Pharmaceuticals Ltd. has raised Rs 828 crore from anchor investors, ahead of its initial public offering. The company allotted 1.22 crore shares at Rs 679 apiece to 50 anchor investors.

SBI Healthcare Opportunities Fund got the highest allocation of 7.84%. International Growth and Income Fund and Small Cap World Fund, INC got 6.33% stake in the pharmaceutical contract development and manufacturing organisation. Abu Dhabi Investment Authority-Monsoon got 6.03% stake in the company.

Nine domestic mutual funds have applied through a total of 24 schemes, Akums Drugs And Pharmaceuticals said in an exchange filing on Monday. They have collectively netted 34.21% of the anchor portion of Rs 283 crore.

SBI, Aditya Birla Sun Life, Motilal Oswal, Bandhan Small Cap Fund and Franklin India were among the top fund houses in this category.

The leading book managers for the anchor round were ICICI Securities Ltd., Axis Capital Ltd., Citigroup Global Markets India Pvt., and Ambit Pvt.

The company will launch its initial public offering on Tuesday to raise up to Rs 1,856.74 crore.

The company has set a price band of Rs 646-679 per share for its three-day IPO, consisting of fresh issue of 1 crore shares and an offer for sale of 1.73 crore shares. The minimum application lot size is 22 shares.

The offer, which concludes on Thursday, is set to list on the BSE and the National Stock Exchange.

Also Read: Akums Drugs And Pharmaceuticals IPO: All You Need To Know

Watch LIVE TV , Get Stock Market Updates, Top Business , IPO and Latest News on NDTV Profit.
GET REGULAR UPDATES