Alkem Laboratories $200-mn IPO fully subscribed

Drugmaker Alkem Laboratories filled the order book for its $200 million initial public offering in the second day of book-building after attracting strong demand from institutional investors, according to exchanges data.

Alkem had received orders for about 11.8 million shares, or about 1.3 times the number of shares being offered as of 3:48 p.m., according to data from exchanges National Stock Exchange and BSE Ltd.

Institutional investors were active bidders, placing orders worth 2.3 times the number of shares available to them.

Alkem is aiming to raise up to 13.5 billion rupees ($201.94 million) in its IPO, and has set a price band of 1,020 rupees to 1,050 rupees per share.

 

The offering closes on Thursday.