 "Laurus Labs")
The Rs 1,332-crore initial public offering of drug maker Laurus Labs was subscribed over four times on the final day of the bidding today.
The IPO received bids for over 9.87 crore shares as against the total issue size of over 2.19 crore scrips, drawing a subscription of 4.54 times as per NSE data till 1815 hours.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 10.54 times, while HNIs quota received 3.58 times subscription. The quota for retail investors was oversubscribed 1.61 times.
"We take this opportunity to thank all the investors who have shown trust in our business and helped make our maiden IPO a successful one. I assure them of keeping their trust in us justified in the future as well," Laurus Labs Founder Promoter and CEO Satyanarayana Chava said.
Laurus Labs, on Monday, raised over Rs 395 crore by allotting shares to anchor investors. The IPO opened for subscription on December 6 and closed today.
The IPO entails a little over 2.41 crore shares under offer for sale route and fresh issue worth up to Rs 300 crore. The price band has been fixed at Rs 426-428.
At the upper end of the price band, the firm can raise up to Rs 1,331.79 crore.
The Hyderabad-based firm plans to utilise the net proceeds from the fresh issue towards pre-payment of loans and general corporate purposes.
Kotak Mahindra Capital Company Ltd, Citigroup Global Markets India, Jefferies India and SBI Capital Markets are managing the offer.
