Pharma firm Valiant Lab IPO subscribed 29.75 times on last day of offer

The Initial Public Offering (IPO) of pharmaceutical ingredient manufacturing firm Valiant Laboratories received 29.75 times subscription on the last day of bidding on Tuesday.

The initial share sale received bids for 22,68,13,020 shares against 76,23,030 shares on offer, according to an update available with the NSE.

The portion for non-institutional investors was subscribed 73.63 times while the quota for qualified institutional buyers received 20.83 times subscription. Retail individual investors portion got subscribed 16.05 times.

The IPO was an entirely fresh issuance of up to 1.08 crore equity shares. Price range for the offer was Rs 133-140 a share.

Proceeds of the issue will be utilised to set up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary -- Valiant Advanced Sciences Private Ltd -- and to meet the working capital requirements of the subsidiary company.

Valiant Laboratories is an active pharmaceutical ingredient or bulk drug manufacturing company with its focus on manufacturing paracetamol, used in the treatment of headaches, muscle aches, arthritis, backache, toothache, cold, and fever.

Unistone Capital was the manager to the offer.

Equity shares of the company will be listed on the BSE and the NSE.