Cadila Healthcare of the Zydus group has garnered around Rs 3,000 crore from the book-building process for its initial public offering (IPO). The books which opened on February 9 closed on February 16. The company is making an initial public offering (IPO) of 1,48,86,000 equity shares. The issue includes a book built portion of 1,33,97,400 equity shares and fixed price portion of 14,88,600 equity shares. The company has a total funds requirement of about Rs 600 crore.
The company at the start of the book-building process had declared an indicative price band of Rs 300-350 per share. However, merchant banking sources said at this price band it was able to garner less than the funds required, from institutional investors which is why it had to reduce the band to Rs 250-350. In this price range it was able to garner around 50,000 applications. Pankaj Patel, managing director, Cadila Healthcare said the figures pertaining to the subscription were not way off the mark.
"However, I do not have the final figures and I cannot comment any further," he said.