Mumbai-based pharmaceutical firm, Innova Captab, has set the price range for its upcoming initial public offering (IPO) at ₹426 to ₹448 per share. The issue will open for subscription on December 21 and will conclude on December 26.
At the higher limit of the price range, the company has a valuation that is equivalent to 34 times its earnings for the financial year 2022-23 (April-March).
Innova Captab’s upcoming IPO will comprise a fresh equity share issue valued at up to ₹400 crore, alongside an offer-for-sale (OFS) featuring up to 9,600,000 equity shares by the promoter and selling shareholders.
Additionally, the company, in coordination with the lead bankers, may explore alternatives such as private placement, preferential issue of equity shares, or any other method, totaling up to ₹80 crore. Completion of such placement would result in a reduction of the fresh issue size.
As an integrated pharmaceutical firm in India, Innova Captab spans the entire pharmaceutical value chain, encompassing research and development, manufacturing, drug distribution, marketing, and exports. The company submitted preliminary IPO papers to Sebi in July of the previous year.
The net proceeds from the IPO are earmarked for the repayment of specific outstanding loans, investment in subsidiary UML for debt repayment, funding working capital requirements, and addressing general corporate needs.
In the financial year 2023, the company posted a revenue of ₹936 crore and a profit of ₹68 crore.
ICICI Securities and JM Financial serve as the book-running lead managers, while KFin Technologies acts as the registrar to the offer for Innova Captab. The equity shares are proposed to be listed on both BSE and NSE.
Innova Captab IPO GMP today
According to stock market observers, the shares of Innova Captab are available at a premium of ₹210 per share in the grey market today.
Market observers said that Innova Captab IPO grey market premium (GMP) today is ₹210, which is same as yesterday. It is around 46% higher from Innova Captab IPO price band of ₹426 to ₹448 per equity share.
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Published: 17 Dec 2023, 03:47 PM IST
