Integrated pharmaceutical company Innova Captab on Monday fixed a price band of Rs 426-448 per share for its Rs 570-crore initial public offering.
The issue will open on December 21, and conclude on December 26, the company said.
The maiden public issue comprises a fresh issue of equity shares worth up to Rs 320 crore and an offer-for-sale of up to 55.80 lakh equity shares by promoters and selling shareholders.
Those selling shares in the OFS are -- Manoj Kumar Lohariwala, Vinay Kumar Lohariwala, and Gian Parkash Aggarwal.
At the upper end of the price band, the IPO is likely to fetch Rs 570 crore.
Proceeds from fresh issuance worth Rs 144.40 crore will be utilised for debt payment, Rs 23.60 crore for investment in the subsidiary UML, and Rs 72 crore for funding working capital requirements. Besides, a portion will be used for general corporate purposes.
Half of the issue has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional buyers. Investors can bid for a minimum of 33 equity shares and in multiples of 33 equity shares.
Innova Captab is an integrated pharmaceutical company with a presence across the pharmaceuticals value chain, including research and development, manufacturing, drug distribution, and marketing and exports.
The company's consolidated revenue from operations grew 15.72 per cent to Rs 926.38 crore for fiscal 2023 from Rs 800.53 crore in the preceding fiscal.
Its profit after tax rose 6.26 per cent to Rs 67.95 crore for fiscal 2023 from Rs 63.95 crore in FY2022.
ICICI Securities and JM Financial are book-running lead managers for the IPO. The equity shares are proposed to be listed on BSE and NSE.
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