The offer received bids for 96.18 crore shares as against 1.51 crore shares on offer.
The initial public offer (IPO) of Akums Drugs and Pharmaceuticals received 96,36,79,134 bids for shares as against 1,51,62,239 shares on offer. The issue was subscribed 63.56 times.The Qualified Institutional Buyers (QIBs) category was subscribed 90.09 times. The Non Institutional Investors (NIIs) category was subscribed 42.21 times. The Retail Individual Investors (RIIs) category was subscribed 21.30 times.
The issue opened for bidding on Tuesday (30 July 2024) and it will close on Thursday (1 August 2024). The price band of the IPO is fixed at Rs 646 to 679 per share. An investor can bid for a minimum of 22 equity shares and in multiples thereof.
The IPO comprises fresh issue of equity shares worth up to Rs 680 crore and an offer for sale of 1,73,30,435 equity shares, aggregating up to Rs 1,176.74 crore.
The promoters and the promoter group held 82.44% of the pre-offer issued and paid-up equity share capital. Their post-IPO shareholding is expected to be around 75%.
Also Read
 "Paris Olympics Day 7")
 "poverty")
 "Public-sector banks, including Canara Bank and Bank of India, are tapping the infrastructure bond market.")
 "myHQ by ANAROCK today announced a strategic partnership with WeWork India, a flexible workspace provider, under which myHQ will be the latter's solitary technology, marketing, and sales partner for its products, including day passes, conference room")
 "Byjus, Byju")
The objectives of the fresh issue are allocating Rs 387 crore for repaying or prepaying existing borrowings, Rs 55 crore to support increased working capital needs, and the remaining funds for general corporate purposes.
Ahead of the IPO, Akums Drugs and Pharmaceuticals on Monday, 29 July 2024, raised Rs 828.78 crore from anchor investors. The board allotted 1.22 crore shares at Rs 679 each to 50 anchor investors.
Akums Drugs and Pharmaceuticals is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
As a CDMO, the company produces an extensive range of dosage forms including tablets, capsules, liquid orals, vials, ampoules, blow-filled seals, topical preparations, eye drops, dry powder injections, and gummies, among others. The company had a market share of 30.2% of the Indian domestic CDMO market by value in FY 2024, up from 26.7% in FY 2021.
The firm reported a net loss of Rs 4.04 crore and sales of Rs 4,178.18 crore for the twelve months ended on 31 March 2024.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
