On Day 3 of the bidding process, investors continued to show a strong interest in Innova Captab’s initial public offering (IPO). On Day 1, the issue was subscribed 1.41 times, and on Day 2, it was subscribed 3.65 times.
Innova Captab’s inaugural equity sale would raise a total of Rs 570 crore. The price band for the IPO has been set at Rs 426-448 per share. Investors can place bids for a minimum lot size of 33 equity shares and multiples of that amount. The pharmaceutical business is generating Rs 570 crore in total through a new issuance, while the founders and other shareholders are selling 55,80,357 equity shares through an OFS.
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By 1.15 p.m., investors had bid for 10,41,26,352 equity shares or 11.47 times more than the 90,78,010 equity shares on the market. The three-day bidding period for the issue, which began on Thursday, December 21, will end today.
The non-institutional investor (NII) part was booked 24.43 times, while the retail portion was subscribed to 11.43 times. The percentage allotted to qualified institutional bidders (QIBs) was used 1.48 times.
Innova Captab, founded in January 2005, is a pharmaceutical firm with three business divisions. It offers Indian pharmaceutical firms contract development and production services. It also has a domestic company that sells branded generics. In addition, the corporation includes an overseas division that trades in branded generics.
Tablets, capsules, dry syrups, dry powder injections, ointments, and liquid medications are among the products offered by the organization. The firm developed and marketed about 600 distinct types of generics for the fiscal year 2023 and the three months ending June 30, 2023. During that time, Innova Captab exported its branded generic products to 20 and 16 countries, respectively.
Innova Captab’s premium on the gray market has dropped by two digits to roughly Rs 90 per share, indicating a 20% upside. The unofficial market premium was around Rs 210-215 prior of the bidding procedure.
The book-running lead managers for the Innova Captab IPO are ICICI Securities and JM Financial, while the registrar is Kfin Technologies. Innova Captab raised Rs 171 crore from anchor investors by distributing 38,16,963 equity shares at Rs 448 per share.
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