The ₹152 crore IPO of Valiant Laboratories, which opened on Wednesday, was subscribed 72 per cent at the end of Day two. The company has fixed the price band at ₹133-140 and market lot is 105 shares. Valiant IPO is completely a fresh issue of 1.089 crore shares.
The company, which specialises in manufacturing Paracetamol as an Active Pharmaceutical Ingredient (API) or Bulk Drug, plans utilise the funds: an investment in Valiant Advanced Sciences Private Limited (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, Bharuch, Gujarat (Proposed Facility); an investment in VASPL to fund its working capital requirements; and to meet general corporate purposes.
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While retail investors’ portion was subscribed 1.06 times, NIIs subscribed 0.29 times. Just five per cent of qualified institutional buyers portion was covered so far. Overall, the IPO received bids for 25.24 lakh shares against 76.23 lakh shares.
As part of 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 Captal VCC - Arven, and Negen Undiscovered Value Fund were also participated in the anchor book.
Unistone Capital Private Ltd is the book-running lead managers for the IPO and Link Intime India Private Ltd the IPO registrar.