Akums Drugs IPO Over-Subscribed 63 Times
By Rediff Money Desk, New Delhi Aug 01, 2024 19:45
Akums Drugs and Pharmaceuticals' IPO received 63.56 times subscription on the final day, with strong participation from institutional investors. The IPO was a combination of a fresh issue and an offer-for-sale.
![Akums Drugs IPO Over-Subscribed 63 Times](https://im.rediff.com/money/2021/jul/13ipo3.jpg)
Illustration: Dominic Xavier/Rediff.com
New Delhi, Aug 1 (PTI) The initial public offer of Akums Drugs and Pharmaceuticals received 63.56 times subscription on the closing day of the share sale on Thursday amid massive participation from institutional buyers.
The Rs 1,875-crore initial share sale received bids for 96,36,79,134 shares against 1,51,62,239 shares on offer, as per the NSE data.
The quota for Qualified Institutional Buyers (QIBs) received 90.09 times subscription, while Non Institutional Investors portion got subscribed 42.21 times. The category for Retail Individual Investors received 21.30 times subscription.
The IPO is a combination of a fresh issue of equity shares worth Rs 680 crore and an offer-for-sale (OFS) of 1.73 crore shares valued at Rs 1,177 crore at the upper end of the price band by promoters and an existing investor.
Those selling shares in the OFS are Sanjeev Jain, Sandeep Jain and Ruby QC Investment Holdings Pte Ltd.
The public issue has a price range of Rs 646-679 per share.
Akums Drugs and Pharmaceuticals Ltd on Monday said it has collected Rs 829 crore from anchor investors.
Proceeds from the fresh issue will be used to repay debt, fund the working capital requirements of the company, pursue inorganic growth initiatives through acquisition, and for general corporate purposes.
Brokerage houses have pegged the company's market capitalisation at Rs 10,697 crore post-issue.
Founded in 2004, Akums is a pharmaceutical contract development and manufacturing organization (CDMO), offering a comprehensive range of pharmaceutical products and services in India and overseas.
As of September 30, 2023, key clients for the company's CDMO business include Alembic Pharmaceuticals, Alkem Laboratories, Cipla, Dabur India, Dr Reddy's Laboratories, Hetero Healthcare, Ipca Laboratories, Mankind Pharma, MedPlus Health Services, Micro Labs, Mylan Pharmaceuticals, Natco Pharma, Sun Pharmaceutical Industries, and Amishi Consumer Technologies (The Mom's Co).
The equity shares of the company are proposed to be listed on the BSE and NSE.
The Rs 1,875-crore initial share sale received bids for 96,36,79,134 shares against 1,51,62,239 shares on offer, as per the NSE data.
The quota for Qualified Institutional Buyers (QIBs) received 90.09 times subscription, while Non Institutional Investors portion got subscribed 42.21 times. The category for Retail Individual Investors received 21.30 times subscription.
The IPO is a combination of a fresh issue of equity shares worth Rs 680 crore and an offer-for-sale (OFS) of 1.73 crore shares valued at Rs 1,177 crore at the upper end of the price band by promoters and an existing investor.
Those selling shares in the OFS are Sanjeev Jain, Sandeep Jain and Ruby QC Investment Holdings Pte Ltd.
The public issue has a price range of Rs 646-679 per share.
Akums Drugs and Pharmaceuticals Ltd on Monday said it has collected Rs 829 crore from anchor investors.
Proceeds from the fresh issue will be used to repay debt, fund the working capital requirements of the company, pursue inorganic growth initiatives through acquisition, and for general corporate purposes.
Brokerage houses have pegged the company's market capitalisation at Rs 10,697 crore post-issue.
Founded in 2004, Akums is a pharmaceutical contract development and manufacturing organization (CDMO), offering a comprehensive range of pharmaceutical products and services in India and overseas.
As of September 30, 2023, key clients for the company's CDMO business include Alembic Pharmaceuticals, Alkem Laboratories, Cipla, Dabur India, Dr Reddy's Laboratories, Hetero Healthcare, Ipca Laboratories, Mankind Pharma, MedPlus Health Services, Micro Labs, Mylan Pharmaceuticals, Natco Pharma, Sun Pharmaceutical Industries, and Amishi Consumer Technologies (The Mom's Co).
The equity shares of the company are proposed to be listed on the BSE and NSE.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.76 ( -4.83)
- 96015373
- Srestha Finvest
- 2.16 ( -1.82)
- 42635134
- Vodafone Idea L
- 15.99 ( -1.72)
- 34025982
- Reliance Power L
- 32.93 (+ 0.21)
- 22757589
- YES Bank Ltd.
- 26.27 ( -0.87)
- 17617211
MORE NEWS
![Infosys Withdraws...](https://im.rediff.com/80-80/money/2021/sep/01gst.jpg)
Infosys Withdraws GST Notice: Rs 32,403 Crore...
Infosys has received a communication from Karnataka authorities withdrawing the GST...
![Airbnb, IAFCI...](https://im.rediff.com/80-80/money/2016/aug/10airbnb.jpg)
Airbnb, IAFCI Partner to Fight Travel Scams | News
Airbnb and IAFCI team up to protect consumers from travel scams. Learn how to avoid...
![Ola Electric IPO:...](https://im.rediff.com/80-80/money/2023/jan/19ola-electric.jpg)
Ola Electric IPO: Rs 2,763 cr Raised from...
Ola Electric Mobility has raised Rs 2,763 crore from anchor investors ahead of its IPO,...