Shares of Valiant Laboratories made a stellar debut on the bourses on Friday. Against the IPO price of ₹140, the stock listed at ₹161 and jumped further to close at ₹169.05 — up 20.75 per cent over the issue price. On the NSE, Valiant Labs closed 21.60 per cent higher at ₹170.25.
The company had raised ₹152 crore through the IPO, which was subscribed 29.76 times. While the quota reserved for high networth individuals (HNIs) was subscribed 73.64 times, retail investors portion was subscribed 16.06 times.
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 for setting up needs in connection with the establishment of a manufacturing facility for specialty chemicals at Saykha Industrial Area, Bharuch, Gujarat.
As part of the IPO, Valiant Laboratories on Tuesday raised ₹45.74 crore from anchor investors. Leading Light Fund VCC — The Triumph Fund — has bought shares worth ₹20 crore. Saint Capital Fund, Astorne Capital VCC — Arven, and Negen Undiscovered Value Fund — also participated in the anchor book.