Valiant Laboratories IPO Subscribed 33% On Day 1
The IPO has been subscribed 0.33 times or 33% as of 5:00 p.m. on Wednesday.
Valiant Laboratories Ltd. launched its initial public offering on Sept. 27. The issue closes on Oct. 3.
The IPO will comprise an entirely fresh issue of 1.08 crore equity shares with no offer-for-sale component, according to the draft red herring prospectus filed with SEBI.
The IPO has fixed a price band between Rs 133 and Rs 140 per share.
Unistone Capital Pvt. will be the sole book-running lead manager to the issue.
Equity shares of the company will be listed on the BSE and NSE.
Proceeds of the issue will be used to set up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary, Valiant Advanced Sciences Private Ltd. The proceed will also be used to meet the working capital requirements of the subsidiary company.
Issue Details
Issue Opens: September 27
Issue Closes: October 3
Fresh Issue Size: Rs 152.46 crore
Shares for Fresh Issue: 1,08,90,000 shares
Total Issue Size: Rs 152.46 crore
Price Band: Rs. 133 – Rs. 140 per share
Lot Size: 105 Shares
Face Value: Rs. 10 per share
Listing: BSE and NSE
Business
Valiant Laboratories is an active pharmaceutical ingredient or bulk drug manufacturing company focused on manufacturing paracetamol, which is used in the treatment of headache, muscle ache, arthritis, backache, toothache, cold and fever.
Pharmaceutical manufacturing firm manufactures Paracetamol in various grades such as IP/BP/EP/USP, as per the pharmacopeia requirements of the customers.
Their manufacturing facility spread over an aggregate parcel of land admeasuring about 2,000 sq. mts. with an aggregate annual total installed capacity of 9,000 MT per annum.
The paracetamol API industry grew from Rs 2,200 crore in fiscal 2017 to Rs 3,900 crore in fiscal 2023. Going ahead the industry is expected to clock a CAGR of 5-7% between fiscal 2023 and fiscal 2027. Domestic formulation manufacturers as well as export markets are expected to drive the demand.
Subscription Status: Day 1
The IPO has been subscribed 0.33 times or 33% as of 5:00 p.m. on Wednesday.
Institutional investors: Zero
Non-institutional investors: 0.10 times or 10%.
Retail investors: 0.61 times or 61%.
