The pharmaceutical company Innova Captab has three business divisions. It offers contract manufacturing and development services to national pharmaceutical companies.
On the third day of the bidding process, investors showed a respectable level of interest in purchasing shares in Innova Captab’s IPO. On Day 1 of the bidding, the issue was subscribed 1.41 times, and on Day 2, it was subscribed 3.65 times.
Innova Captab is selling its first stake for a total of Rs 570 crore. A price range of Rs 426-448 per share has been set for the IPO. A minimum lot size of 33 equity shares and their multiples are available for bidding. The pharmaceutical company is selling 55,80,357 equity shares via OFS to other shareholders and promoters, for a total of Rs 570 crore in fresh issue proceeds.
As of 1:15 p.m. on Day 3, bids were placed for 10,41,26,352 equity shares, or 11.47 times the total number of equity shares available on the block of 90,78,010. Today, Thursday, December 21, marks the end of the issue’s three-day bidding period.
While the retail portion was subscribed 11.43 times, the portion designated for non-institutional investors (NIIs) was booked 24.43 times. 1.48 times were reservations made for the section reserved for qualified institutional bidders (QIBs).
Innova Captab is a pharmaceutical company that was founded in January 2005 and operates in three business segments. It offers manufacturing and development services under contract to pharmaceutical companies in India. Additionally, it operates a domestic company that sells branded generics. The company also operates a branded generics business internationally.
Tablets, capsules, dry syrups, dry powder injections, ointments, and liquid medications are among the products offered by the company. Over 600 different types of generics were produced and sold by the company in the fiscal year 2023 and the three months that concluded on June 30, 2023. During that time, Innova Captab shipped its branded generic goods to sixteen and twenty different nations.
The premium of Innova Captab in the grey market has dropped significantly in the last two years, to about Rs 90 per unit, although it still indicates a 20% upside. Prior to the bidding process, the premium in the unofficial market was between Rs 210 and Rs 215.
The registrar for the Innova Captab IPO is Kfin Technologies, and the book running lead managers are ICICI Securities and JM Financial. Innova Captab has sold 38,16,963 equity shares for Rs 448 a share, raising Rs 171 crore from anchor investors.
Disclaimer: It is recommended that readers get advice from a licensed financial advisor prior to making any investing decisions.