Innova Captab Subscribed 3.54 Times On Day 2

Innova Captab Ltd.'s initial public offering has been subscribed 3.54 times till the second day on Friday.

The company has set a price band of Rs 426–448 per share for its Rs 570-crore IPO, which is set to conclude on Dec. 26.

The primary public offering includes new issuance of equity shares amounting to Rs 320 crore and an offer for sale of up to 55.8 lakh equity shares.

The company has mopped Rs 171 crore from anchor investors. It allocated 38.17 lakh equity shares to 17 funds at Rs 448 each, which represents the upper limit of the specified price range, according to a BSE circular.

It will use the funds for repayment of certain outstanding loans, investment in subsidiary, towards working capital and for general corporate purposes.

Innova is an integrated pharmaceutical company in India, with presence across the pharmaceuticals value chain, including research and development, manufacturing, drug distribution and marketing and exports.

The business includes:

• Contract development and manufacturing organisation business, providing manufacturing services to Indian pharmaceutical companies.

• Domestic branded generics business.

• International branded generics business.

The branded generics business consists of the development, manufacture and distribution of generic formulation products, which are marketed and distributed in India under its own brand names, through online and offline channels.

The company has developed a diversified branded generics product portfolio, including tablets, capsules, dry syrups, dry powder injection, ointments and liquid orals.

The IPO was subscribed 3.54 times as of 5 p.m. on Friday.

• Institutional investors: 1.09 times.

• Non-institutional investors: 3.27 times.

• Retail investors: 5.01 times.