Valiant Laboratories IPO Subscribed 2.19 Times On Day 3
The IPO has been subscribed 2.19 times as of 5:00 p.m. on Friday.
Valiant Laboratories Ltd. launched its initial public offering on Sept. 27. The issue closes on Oct. 3. The IPO was subscribed 33% on day 1 and 71% on day two.
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 Pvt. The proceed will also be used to meet the working capital requirements of the subsidiary company.
Issue Details
Issue opens: Sept. 27.
Issue closes: Oct. 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 to 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 producing paracetamol, which is used in the treatment of headache, muscle ache, arthritis, backache, toothache, cold and fever.
The 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 is 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 3
The IPO has been subscribed 2.19 times as of 5:00 p.m. on Friday.
Institutional investors: 1.04 times.
Non-institutional investors: 1.52 times.
Retail investors: 3.14 times
