The IPO receives bids for 59.48 lakh shares
Laurus Labs' initial public offer (IPO) received bids for 59.48 lakh shares compared with 2.19 crore shares on offer, the data showed on NSE as at 16:30 IST today, 6 December 2016. The IPO was subscribed 27% on the first day of bidding today, 6 December 2016.
The IPO consists of fresh issue of Rs 300 crore and the offer for sale of 2.41 crore shares by the selling shareholders. The price band of the IPO has been fixed at Rs 426 to Rs 428 per share. The IPO was opened for bidding today, 6 December 2016 and will close on 8 December 2016.
The selling shareholders are Aptuit, Bluewater, FIL Capital Management and FIP (acting through its trustee FIL Capital Advisors). The proceeds of the offer for sale shall be received by the selling shareholders, and the company will not receive any proceeds from the offer for sale.
The IPO committee of the board of directors of the company at a meeting held on 5 December 2016, allocated 92.38 lakh shares to 25 anchor investors at Rs 428 per share, the higher price of IPO price band aggregating Rs 395.40 crore.
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The company proposes to utilise the net proceeds from the fresh issue towards the pre-payment of term loans and the general corporate purposes. In addition the company expects to receive the benefits of listing of the shares on the stock exchanges, enhancement of the company's brand name and creation of a public market for shares.
For the six months ended 30 September 2016, Laurus Labs reported consolidated net profit of Rs 75.10 crore on total revenue of Rs 941.78 crore.
Laurus Labs is a leading research and development (R&D) driven pharmaceutical company, with a leadership position in generic active pharmaceutical ingredients (APIs) for select, high-growth therapeutic areas of antiretrovirals (ARVs) and Hepatitis C. The company also manufactures APIs in oncology and other therapeutic areas. The company operates in four business lines: generics-APIs, generics-FDFs, synthesis and ingredients.
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