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The Rs 152-crore IPO of Valiant Laboratories, which opened on Wednesday, was subscribed 2.19 per cent at the end of Day 3. Today is the last day to subscribe to the IPO. The price band has been fixed at Rs 133-140 and the market lot at 105 shares. Valiant IPO is a completely fresh issue of 1.089 crore shares.
The company, which specialises in manufacturing Paracetamol as an Active Pharmaceutical Ingredient (API) or Bulk Drug, plans to utilise the funds for investment in Valiant Advanced Sciences Pvt Ltd (VASPL), a wholly-owned subsidiary, to partially fund its capital expenditure needs in connection with the establishment of a manufacturing facility for specialty chemicals at Saykha Industrial Area, Bharuch, Gujarat, and to meet general corporate purposes.
While the retail investors’ portion was subscribed 3.14 times, NIIs subscribed the issue 1.52 times, and the qualified institutional buyers’ portion was covered 1.05 times so far. Overall, the IPO received bids for 1.67 crore shares bids, as against 76.23 lakh shares on offer.
As part of the IPO, Valiant Laboratories on Tuesday raised ₹45.74 crore from anchor investors. Leading Light Fund VCC - The Triumph Fund - bought shares worth ₹20 crore. Saint Capital Fund, Astorne Capital VCC - Arven, and Negen Undiscovered Value Fund - also participated in the anchor book.
Unistone Capital Private Ltd is the book-running lead manager for the IPO and Link Intime India Pvt Ltd the IPO registrar.
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