The initial public offering of Innova Captab was subscribed to 55.26 times on Tuesday, the last day of issue closing, as it attracted all categories of investors. The integrated pharmaceutical company came out with a ₹570 crore IPO at a price band of ₹426-448.
The offer, with a face value of ₹10 per equity share, consisted of a fresh issue worth ₹320 crore and an offer-for-sale (OFS) of up to 55.80 lakh shares by the promoter and selling shareholders, amounting to ₹250 crore. Promoters Manoj Kumar Lohariwala and his brother Vinay Kumar Lohariwala, and non-promoter Gian Parkash Aggarwal, will be selling shareholders in the OFS.
The qualified institutional buyer portion was subscribed to 116.73 times, the non-institutional investor portion 64.94 times, and the retail portion was subscribed to 17.15 times.
Ahead of the IPO, the company has garnered ₹171 crore from anchor investors by allotting 38.16 lakh shares at ₹448 a share on Wednesday. Foreign and domestic institutions that participated in the anchor book were ICICI Prudential MF, Kotak Mahindra MF, Ashoka Whiteoak MF, SBI Life Insurance, 360 One MF, Bandhan MF, Canara Robeco MF, Aditya Birla Sun Life Insurance, Edelweiss MF, ITPL-Invesco MF, and others.
The company proposes to use the net proceeds for repayment/prepayment in part or in full of certain outstanding loans; investment in the subsidiary UML for repayment/prepayment in part or full of outstanding loans availed by UML; funding the working capital requirements; and general corporate purposes.