Innova Captab Limited, an integrated pharmaceutical firm based in India, opens its initial public offering of Equity Shares on Thursday, December 21, 2023, and is scheduled to conclude on Tuesday, December 26, 2023.
Price Band: The company has set a price band for its shares, ranging between Rs 448 and Rs 456 per share. The IPO is expected to generate Rs 570 crore, at the top end of the price range.
Investors can bid for a minimum of 33 equity shares, and can increase their bids in multiples of 33 equity shares thereafter.
Grey Market Premium (GMP): The GMP for the company stands ta Rs 210. ICICI Securities Limited and JM Financial Limited will serve as the book running lead managers, while KFin Technologies Limited will act as the registrar for the offer. Th equity shares are proposed to be listed on both the BSE and NSE.
Anchor Investors Pre-IPO: Ahead of its Initial Public Offering (IPO), Innova Captab Limited has secured Rs 171 crores from anchor investors. This pre-IPO fundraising was achieved by allotting 3,816,963 equity shares at Rs 448 per share to anchor investors on Wednesday, December 20, 2023.
Out of the total allocated shares to anchor investors, 1,713,030 equity shares were allocated to six domestic mutual funds across eight schemes, amounting to approximately Rs. 76.74 crore, constituting around 44.88 per cent of the Total Anchor Book Size.
ICICI Prudential MF, Kotak Mahindra MF, Ashoka Whiteoak MF, SBI Life Insurance, 360 One MF, Bandhan MF, Canara Robeco MF, Aditya Birla Sun Life Insurance, Edelweiss MF, ITPL-Invesco MF, and several other foreign and domestic institutions participated in the anchor investment round.
IPO Utilizes Book Building Process
The shares are offered using the Book Building Process. Up to half of the shares will be allocated proportionately to Qualified Institutional Buyers, at least 15 per cent will be allocated to Non-Institutional Bidders, and a minimum of 35 per cent will be available for allocation to Retail Individual Bidders.
