Akums Drugs shares listed on BSE and NSE with a 7% premium over the issue price, drawing strong investor interest. The IPO was oversubscribed 63 times.
New Delhi, Aug 6 (PTI) Shares of Akums Drugs and Pharmaceuticals Ltd on Tuesday listed with a premium of nearly 7 per cent against the issue price of Rs 679.
The stock made its debut at Rs 725, up 6.77 per cent from the issue price on both the BSE and NSE. Later, it zoomed 15.55 per cent to Rs 784.65 on the BSE.
The company's market valuation stood at Rs 11,806.91 crore during the morning trade.
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 had a price range of Rs 646-679 per share.
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.
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).
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