 of Innova Captab has captured the attention of investors, showcasing strong demand throughout its three){kind=link}
The initial public offering (IPO) of Innova Captab has captured the attention of investors, showcasing strong demand throughout its three-day bidding process. The pharmaceutical company aims to raise a total of Rs 570 crore through a combination of fresh issue and an offer for sale (OFS) by promoters and other shareholders.
The IPO, with a price band fixed at Rs 426-448 per share, witnessed a solid start on Day 1, with a subscription of 1.41 times. The momentum continued to build, reaching an impressive 3.65 times subscription by the end of Day 2. As of 1.15 pm on Day 3, investors have made bids for 10,41,26,352 equity shares, representing a subscription of 11.47 times the 90,78,010 equity shares on offer.
Investors can bid for a minimum lot size of 33 equity shares, and the portion reserved for non-institutional investors (NIIs) has been oversubscribed 24.43 times. The retail portion also saw substantial interest, being subscribed 11.43 times. On the institutional front, qualified institutional bidders (QIBs) subscribed 1.48 times of their allocated portion.
About Innova:
The company’s decision to raise funds through an IPO comes as it plans to utilize the proceeds for various purposes, including capital expenditure, working capital requirements, and general corporate purposes. The IPO comprises a fresh issue of shares worth Rs 570 crore, contributing to the company’s growth initiatives.
It’s noteworthy that Innova Captab managed to secure Rs 171 crore through anchor investors, indicating early confidence from institutional investors before the IPO opened for public subscription.
The successful response to the IPO highlights the positive sentiment among investors towards Innova Captab and the pharmaceutical sector as a whole. As the bidding process concludes today, market participants will keenly await the final subscription figures and the subsequent listing of Innova Captab on the stock exchanges.
The robust demand for Innova Captab’s IPO underlines the investor community’s confidence in the company’s growth prospects and the overall buoyancy in the market for quality healthcare stocks.