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Innova Captab IPO opens for subscription. Check price band, GMP
Innova Captab IPO comprises equity shares of up to ₹320 crore and an offer-for-sale of up to 55.80 lakh equity shares by promoters and selling shareholders.
Pharmaceutical company Innova Captab opened its initial public offering (IPO) for subscription on Friday. The issue will be open for subscription till December 26.
The company has fixed a price band of ₹426-448 per share for its IPO worth ₹570 crore. The IPO comprises equity shares worth up to ₹320 crore and an offer-for-sale (OFS) of up to 55.80 lakh equity shares by promoters and selling shareholders.
An offer-for-sale is a method in which the promoters in public companies can sell their shares and reduce their holdings in a transparent manner through the bidding platform for the exchange.
Those selling shares in this offer-for-sale include Vinay Kumar Lohariwala, Manoj Kumar Lohariwala and Gian Parkash Aggarwal. At the upper end of the price band, the IPO is likely to fetch ₹570 crore.
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Innova Captab IPO GMP
In the grey market, the shares of Innova Captab are trading at a premium of ₹211. The estimated listing price is said to be ₹659, 47.10 per cent more than the issue price.
How will Innova Captab utilise funds raised from IPO?
The company plans to utilise funds worth ₹144.40 crore raised from the IPO for debt payment, ₹23.60 crore for investment in the subsidiary UML, and ₹72 crore for funding working capital requirements.
Innova Captab is an integrated pharmaceutical company with a presence across the pharmaceuticals value chain, including research and development, manufacturing, drug distribution, and marketing and exports.
Innova Captab's consolidated revenue from operations grew 15.72 per cent to ₹926.38 crore for fiscal 2023 from ₹800.53 crore in the preceding fiscal.
Its profit after tax rose 6.26 per cent to ₹67.95 crore for fiscal 2023 from ₹63.95 crore in FY2022. ICICI Securities and JM Financial are book-running lead managers for the IPO. The equity shares are proposed to be listed on BSE and NSE.
