Innova Captab Ltd.'s initial public offering was subscribed 55.26 times on its final day.
It was subscribed 3.54 times on the second day.
The company had set a price band of Rs 426–448 per share for its Rs 570-crore IPO.
The primary public offering includes the 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 raised 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 the subsidiary, working capital and for general corporate purposes.
IPO Details
Issue opens: Dec. 21.
Issue closes: Dec. 26.
Total issue size: Rs 570 crore.
Price band: Rs 426-448 per share.
Lot size: 33 shares.
Face value: Rs 10 per share.
Listing: BSE and NSE.
Business
Innova is an integrated pharmaceutical company in India with a presence across the pharmaceutical 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.
Also Read: Innova Captab IPO - Outlook, Valuation, Future Growth Strategies, Risks, Peer Comparison: KRChoksey
Subscription Status: Day 3
The IPO was subscribed 55.26 times as of 7 p.m. on Tuesday.
Institutional investors: 116.73 times.
Non-institutional investors: 64.95 times.
Retail investors: 17.15 times.
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