Pharma firm Valiant Lab's IPO subscribed 2.17 times on third day of bidding

The Initial Public Offering (IPO) of pharmaceutical ingredient manufacturing firm Valiant Laboratories was subscribed 2.17 times on the third day of bidding on Friday.

The initial share sale received bids for 1,65,77,925 shares against 76,23,030 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) was subscribed 3.11 times while the quota for non-institutional investors got subscribed 1.51 times. The portion for Qualified Institutional Buyers (QIBs) received 1.04 times subscription.

Price range for the offer is Rs 133-140 a share.

The IPO is an entirely fresh issuance of up to 1.08 crore equity shares.

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 is the manager to the offer.

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