Akums Drugs and Pharmaceuticals IPO fully subscribed on first day of issue
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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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-e…