2024-07-31 14:15:41
New Delhi: The IPO of Akums Drugs and Pharmaceuticals, the country’s largest contract drug manufacturer, is opening for subscription today. Bids can be placed on it till August 1. In the Rs 1,857 crore issue of this Delhi-based company, fresh shares worth Rs 680 crore will be issued, while promoters and other investors will sell 17,330,435 equity shares through OFS. The price band for this has been fixed at Rs 646-679. This company was founded in 2004. Its clients include many well-known pharmaceutical companies of the country and the world. The lot size in this IPO is 22 shares. Company promoters Sanjeev and Sandeep Jain are each selling 15.12 lakh shares while investor Ruby QC Investment Holdings Pte Ltd will sell 1.43 crore shares. 75% of the issue is reserved for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors. The company is offering a discount of Rs 64 per share for its employees. For this, ICICI Securities Ltd, Axis Bank Ltd, Citigroup Global Markets India Private Ltd and Ambit Private Ltd have been appointed as book running lead managers, while Link Intime India Private Ltd is the registrar. Share allocation is expected on August 2 and it may be listed on BSE and NSE on August 6.
The country’s largest drug company that makes medicines for others is coming up with an IPO, get all the information here
How much is GMP running
Before the issue opened, the company raised Rs 828.8 crore from anchor investors. The company said that it has decided to allot 1,22,05,912 equity shares to anchor investors at a price of Rs 679. The anchor investors of the company include Marquee global investors Blackrock, Smallcap World Fund, Abu Dhabi Investment Authority, HSBC Global, Florida Retirement System, Carmignac Portfolio and Neuberger Berman Emerging Markets Equity Fund. The company’s shares are expected to be listed in the grey market at Rs 205 i.e. with a rise of 30%.