Innova Captab IPO: Subscriptions Incerease By 55.26 Times On Day 3
Innova Captab IPO
The IPO of Innova Captab, a pharmaceutical company, continued to attract significant attention from investors on the third day of bidding.
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Subscription Details
The IPO, initially subscribed 1.41 times on Day 1 and 3.65 times on Day 2, it raised Rs 570 crore through its initial stake sale.
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IPO Price Band
The price band for the IPO is set at Rs 426-448 per share, with a minimum bid requirement of 33 equity shares and multiples thereof.
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Fund Utilisation
Innova Captab plans to raise Rs 570 crore through a fresh issue, while existing shareholders are selling 55,80,357 equity shares via Offer for Sale (OFS).
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Bidding Statistics
As of 1:15 pm on Day 3, investors bid for 10,41,26,352 equity shares, representing 11.47 times the offered shares.
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Bidding Conclusion
The three-day bidding process, initiated on December 21, is set to conclude today.
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Subscription Rates
Non-Institutional Investors (NIIs) subscribed 24.43 times, retail portion 11.43 times, and Qualified Institutional Bidders (QIBs) 1.48 times.
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Business Overview
Established in 2005, Innova Captab operates in contract development, manufacturing, and domestic and international generics business segments.
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Product Portfolio
The companys product range includes tablets, capsules, injections, ointments, and liquid medicines. It exports branded generics to 20 and 16 countries in specified periods.
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Anchor Investor Funding
The grey market premium for Innova Captab has seen a decline but still indicates a potential upside. The company raised Rs 171 crore from anchor investors by allocating shares at Rs 448 per share.
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DICLAIMER
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