IPO screener: Innova Captab enters day 2

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The ₹570-crore initial public offering of Innova Captab Limited, is an integrated pharmaceutical company in India with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports, was subscribed fully on Day 1 of issue opening on Thursday. The offer will close and Tuesday (December 26).

The issue, with a price band ₹426–448 , received bids for 1.27 crore shares as against an offer of 90.78 lakh shares. The market lot is 33 shares.

While up to 50 per cent of the offer is reserved for qualified institutional buyers, 15 per cnet is for non-Institutional bidders and 35 per cent for Retail Individual Bidders. The portion for QIBs was subscribed 0.44 times while quota of retail investors and non-institution investors was subscribed 2.13 times and 0.96 times respectively.

The offer of face value of ₹10 a equity share consists of a fresh issue worth up to ₹320 crore and an offer-for-sale (OFS) up to 55.80 lakh shares by Promoter and selling shareholders worth ₹250 crore. Promoters Manoj Kumar Lohariwala and his brother Vinay Kumar Lohariwala, and non-promoter Gian Parkash Aggarwal will be selling shareholders in the OFS.

Ahead of the IPO, the company has garnered ₹171 crore from anchor investors by allotting 38.16 lakh shares at ₹448 a share on Wednesday.

Foreign and domestic Institutions who participated in the anchor book were ICICI Prudential MF, Kotak Mahindra MF, Ashoka Whiteoak MF, SBI Life Insurance, 360 One MF, Bandhan MF, Canara Robeco MF, Aditya Birla Sun Life Insurance, Edelweiss MF, ITPL-Invesco MF, & others.

ICICI Securities Limited, and JM Financial Limited are the book running lead managers and KFin Technologies Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.