Retail part of Innova Captab IPO was booked 4.5 times, with three subscriptions

 Retail part of Innova Captab IPO was booked 4.5 times, with three subscriptions

Innova Captab IPO: The contract development and manufacturing company for the pharmaceutical sector in India hopes to generate Rs 570 crore at the higher price range via an initial public offering.

On December 22, the second day of bidding for the initial public offering (IPO) of pharmaceutical company Inova Captab saw 3.07 times as many buyers purchase 2.78 crore equity shares, exceeding the offer size of 90.78 lakh.

The issue had strong support from all investors, with high net worth people (non-institutional investors) purchasing 2.39 times the percentage permitted to them and regular participants purchasing 4.47 times the quota.

Shares purchased by eligible institutional purchasers exceeded the allotted amount by a factor of 1.08.

Through an IPO in the higher price range, the contract development and production company for the Indian pharmaceutical sector hopes to collect Rs 570 crore. A new share offering valued at Rs 320 crore and an offer for sale (OFS) valued at Rs 250 crore make up the IPO.

Promoter Manoj Kumar Lohariwala, his brother Vinay Kumar Lohariwala, and non-promoter Gian Prakash Agarwal are the stockholders selling in the OFS.

The offer's price range is Rs 426-448 per share, and it opened for subscription on December 21.

The pharmaceutical ready dose formulation manufacturing firm, situated in Himachal Pradesh and possessing two pharma facilities in Baddi, plans to use net fresh revenues of Rs 72 crore to finance its working capital needs and settle its debt of Rs 168 crore.

Under condition of anonymity, experts said that shares in the Innova Captab IPO were available in the gray market for a premium of around 22% to the upper price range. An unofficial marketplace for trading IPO shares prior to listing is known as the gray market.

It seems that this is the last initial public offering (IPO) for both the current month and year. In the current year, 58 firms—including Innova—launched public offerings valued at Rs 52,637 crore, while 11 companies opened initial public offerings (IPOs) valued at Rs 8,339 crore in the current month.