Valiant Labs IPO sees 71% buying; retail portion booked fully on Day 2

By Dilip Suthar

Valiant Laboratories IPO | The pharmaceutical ingredient manufacturing company aims to raise Rs 152.46 crore via maiden public issue of 1.09 crore equity shares comprising only a fresh issue portion.

Valiant Laboratories IPO opens for second day of bidding

The public issue of Valiant Laboratories was subscribed 71 percent as investors bought 54.35 lakh equity shares against an IPO size of 76.23 lakh shares on September 28, the second day of bidding.

Retail investors remained at the forefront, buying 1.27 times the portion set aside for them, which is 35 percent of the total issue size, while high net-worth individuals have picked up 29 percent shares of their reserved portion, which is 15 percent of the IPO size.

Qualified institutional buyers (QIB) also began putting in bids today, picking up 5 percent of their quota, which is 50 percent of the offer size.

The public issue was subscribed 33 percent on  the first day of bidding on September 27.

The pharmaceutical ingredient manufacturing company aims to raise Rs 152.46 crore from the maiden public issue of 1.09 crore equity shares comprising only a fresh issue portion.

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Of which, Rs 45.74 crore has been mopped up from the anchor book, a part of QIB, at the upper price band, on September 26. Leading Light Fund VCC - The Triumph Fund, Saint Capital Fund, Astorne Captal VCC - Arven, and Negen Undiscovered Value Fund were investors in the anchor book.

The price band for the offer is set at Rs 133-140 per share.

The pharma firm will make use of the net fresh issue proceeds for the setting up of a manufacturing facility for specialty chemicals by its subsidiary Valiant Advanced Sciences (VASPL) in Gujarat. It will invest in VASPL for its working capital requirements, and the rest for general corporate purposes.

Also read: Valiant Laboratories to boost revenue, margins by diversifying into specialty chemicals

Valiant Laboratories is an active pharmaceutical ingredient and bulk drug manufacturing company with focus on manufacturing of paracetamol which is one of the most commonly taken analgesic worldwide and is recommended as the first-line therapy in pain conditions by the World Health Organization.

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