Pharma firm Valiant Lab IPO subscribed nearly 71% on second day of bidding

The initial public offer (IPO) of pharmaceutical ingredient manufacturing firm Valiant Laboratories was subscribed 71 per cent on day two of subscription on Thursday.

The initial share sale received bids for 54,25,770 shares against 76,23,030 units on offer, as per NSE data.

The category for retail individual investors (RIIs) was subscribed 1.27 times, while the quota for non-institutional investors received 29 per cent subscription. The portion for qualified institutional buyers (QIBs) was subscribed 5 per cent.

The IPO is an entirely fresh issuance of up to 1.08 crore equity shares with no offer-for-sale component.

The price range for the offer is Rs 133-140 a share.

Proceeds of the issue will be utilised to set up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary -- Valiant Advanced Sciences Private Ltd. -- and to meet the working capital requirements of the subsidiary company.

Valiant Laboratories is an active pharmaceutical ingredient or bulk drug manufacturing company with its focus on manufacturing paracetamol, used in the treatment of headaches, muscle aches, arthritis, backache, toothache, cold and fever.

Unistone Capital is the manager to the offer.

Equity shares of the company will be listed on the BSE and the NSE.