Innova Captab, a prominent pharmaceutical company based in Mumbai, opens for subscription today for its initial public offering (IPO), commencing on December 21 and scheduled to close on December 26. The company has set a price band ranging from Rs 426 to Rs 448 per share.
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Ahead of the IPO, Innova Captab successfully garnered Rs 171 crore from anchor investors, allocating 3,816,963 equity shares at Rs 448 per share on December 20, 2023. The IPO, a book-built issue worth ₹570 crores, comprises a fresh issue of 0.71 crore shares, amounting to Rs 320 crores, and an offer for sale of 0.56 crore shares, totaling ₹250 crores.
The offer follows the Book Building Process, with a maximum of 50% available for allocation to Qualified Institutional Buyers, a minimum of 15% for Non-Institutional Bidders, and at least 35% for Retail Individual Bidders.
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The grey market premium (GMP) for Innova Captab stands at Rs 210. ICICI Securities and JM Financial have been appointed as the book-running lead managers, overseeing the company’s financial offerings. KFin Technologies takes on the crucial role of registrar to the offer, managing and maintaining records associated with Innova Captab’s shares.
The IPO’s allotment is anticipated to be finalized on December 27, 2023, with listing on both BSE and NSE tentatively set for December 29, 2023.
