 "IPO")
The Initial Public Offering (IPO) of pharmaceutical ingredient manufacturing firm Valiant Laboratories was subscribed 33 per cent on the first day of subscription on Wednesday.
The initial share sale received bids for 24,81,045 shares against 76,23,030 shares on offer, as per data available with the NSE.
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The portion for retail individual investors was subscribed 61 per cent while the category for non-institutional investors received 10 per cent subscription.
The IPO is an entirely fresh issuance of up to 1.08 crore equity shares with no offer for sale component.
The price range for the offer is at Rs 133-140 per 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.
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Valiant Laboratories is an active pharmaceutical ingredient or bulk drug manufacturing company with its focus on manufacturing paracetamol, which is used in the treatment of headache, muscle ache, 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
