The initial public offer (IPO) of Akums Drugs and Pharmaceuticals was fully subscribed on the first day of its subscription on Tuesday. The Rs 1,875-crore IPO received an enthusiastic response, with bids for 2,07,92,684 shares against the 1,51,62,239 shares on offer, achieving a subscription rate of 1.37 times, according to NSE data.
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Akums Drugs and Pharmaceuticals IPO opens on July 30; Check issue size, price band, and other details
The IPO, which will close on August 1, saw substantial interest from various investor categories. The quota for Retail Individual Investors (RIIs) was oversubscribed 3.35 times, while the Non-Institutional Investors’ portion was subscribed 1.96 times. The portion allocated for Qualified Institutional Buyers (QIBs) received 43% subscription.
The IPO consists of a fresh issue of equity shares worth Rs 680 crore and an offer-for-sale (OFS) of 1.73 crore shares valued at Rs 1,177 crore at the upper-end of the price band. The shares in the OFS are being sold by promoters Sanjeev Jain, Sandeep Jain, and Ruby QC Investment Holdings Pte Ltd. The price range for the public issue is set between Rs 646 and Rs 679 per share.
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Ahead of the IPO, Akums Drugs and Pharmaceuticals Ltd announced that it had raised Rs 829 crore from anchor investors. The proceeds from the fresh issue will be utilized to repay debt, fund the company’s working capital requirements, pursue inorganic growth initiatives through acquisitions, and for general corporate purposes.
Founded in 2004, Akums is a leading pharmaceutical contract development and manufacturing organization (CDMO), offering a wide range of pharmaceutical products and services both in India and internationally.
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