The initial public offering of Innova Captab was subscribed 55.26 times on the last day of bidding. The issue received bids of 50,16,58,245 shares against the offered 90,78,010 shares.
Also Read: Bubble building in IPO and SME markets, warns Dalal Street’s top multibagger hunter
The QIB portion was subscribed 116.73 times, NII portion was subscribed 64.94 times, whereas the retail portion was booked 17.15 times.
The company plans to utilise net proceeds from the issue for repayment of certain outstanding loans, investment in subsidiary UML for repaying debt, funding working capital requirements, and general corporate purposes.
Innova Captab is an integrated pharmaceutical company in India with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports.
Its business includes CDMO business providing research, product development and manufacturing services to Indian pharmaceutical companies, domestic branded generics business and an international branded generics business.In FY22, among Indian formulation CDMO players considered in the CRISIL Report, it recorded the third highest operating revenue, the second highest operating profit margin, the third highest net profit margin and the second highest return on capital employed.
In FY23, the company’s revenue from operations grew 16% year-on-year to Rs 926 crore, while profit after tax was up marginally to Rs 67.9 crore.
ICICI Securities and JM Financial acted as the book-running lead managers and KFin Technologies was the registrar to the offer.
(You can now subscribe to our ETMarkets WhatsApp channel)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
