Pharmaceutical firm Innova Captab is likely to finalise the much-awaited basis of allotment of initial public offering (IPO) shares by December 27, after closing the maiden public issue with a robust subscription in the previous session.
The IPO was subscribed 55.26 times during December 21-26. All investors provided strong support to the issue, with qualified institutional buyers (QIBs) picking 116.73 times the reserved portion, high networth individuals (HNIs) 64.95 times and retail investors buying 17.15 times the allotted quota.
This was the last public issue as well as will be the last listing in the current calendar year 2023.
After the finalisation of the basis of allotment on Wednesday, investors, who enthusiastically showed interest in the issue, can check the share allotment status either on the BSE website or the portal of the IPO registrar (KFin Technologies) by following three easy steps.
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On the IPO registrar's portal,
1) Select Innova Captab Limited in the dropdown
2) Select and accordingly enter either 'Application number', or Demat account' or 'PAN'
3) Enter 'Captcha' and finally click on the 'Submit' button
On the BSE website,
1) Select issue type 'Equity' and issue name 'Innova Captab Limited'
2) Enter either 'Application number' or 'PAN'
3) Check box (I am not a robot), and finally click on 'Search' button
Successful investors will get equity shares in their demat accounts by December 28, while their shares will be available for trading on BSE and NSE with effect from December 29.
Innova Captab IPO shares traded with more than a 25 percent premium over the upper price band in the grey market, analysts on anonymity said. The grey market is an unofficial market for trading in IPO shares till the listing.
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Participants generally look at the unofficial market to know the possible listing price of the IPO.
The company that provides contract development and manufacturing services to the Indian pharmaceutical industry has raised Rs 570 crore through IPO, which was comprised of a fresh issuance of shares worth Rs 320 crore and an offer-for-sale of Rs 250 crore.
The price band for the offer was Rs 426-448 per share.
With two manufacturing facilities in Baddi, Himachal Pradesh, Innova, which has domestic as well as international businesses dealing in branded generics, recorded growth at a CAGR of 50.2 percent in revenue from operations during FY21-FY23.
The company’s diverse generics product portfolio of over 600 products is marketed in India through an extensive network of distributors, stockists, and retail pharmacies.
In its CDMO business, it has developed strong relationships across the Indian pharmaceutical industry, providing products to several key clients including Cipla, Glenmark Pharmaceuticals, Wockhardt, Emcure Pharmaceuticals, Lupin, Intas Pharmaceuticals, Leeford Healthcare, Medley Pharmaceuticals, Indoco Remedies, Zuventus Healthcare, Ajanta Pharma, and Mankind Pharma.
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