Valiant Laboratories IPO subscribed 29.1 times on final day

Valiant Laboratories IPO | The company will finalise the basis of allotment of shares by the end of October 5 and the shares will be credited to the demat accounts of eligible investors by October 6. Trading will begin on October 9

The initial public offering (IPO) of Valiant Laboratories was subscribed 29.1 times by the evening of October 3, the final day of bidding, with investors buying 22.18 crore shares against the offer size of 76.23 lakh.

High networth individuals bought 73.32 times their quota of share and retail investors 14.88 times the shares allotted to them, data available with exchanges showed.

The portion set aside for qualified institutional buyers was subscribed 20.83 times. Fifty percent of the IPO has been reserved for QIBs.

The Rs 152-crore offer, which opened on September 27, was subscribed 2.18 times till September 29, the third day of bidding.

The IPO, with a price band of Rs 133-140 a share, is purely a fresh issue. A sum of Rs 45.74 crore has already been raised from anchor investors,  including Leading Light Fund VCC – The Triumph Fund, Saint Capital Fund, Astorne Captal VCC – Arven, and Negen Undiscovered Value Fund.

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The pharmaceutical ingredient manufacturing company will make use the proceeds for set up a speciality chemicals manufacturing facility in Gujarat owned by subsidiary Valiant Advanced Sciences (VASPL). The subsidiary’s working capital requirements will also be funded from the IPO funds.

Valiant Laboratories is an active pharmaceutical ingredient and bulk drug manufacturing company with focus on manufacturing of paracetamol which is one of the most commonly taken analgesic worldwide.

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The company will finalise the basis of allotment by the end of October 5 and the shares will be credited to demat accounts of eligible investors by October 6.

The stock will list on October 9, as per the IPO schedule.

Valiant Labs shares were available at a 10 percent premium to the upper price band in the grey market, analysts on anonymity said.

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The grey market is an unofficial platform where the IPO shares can be bought and sold till the listing day. It is typically tracked to get an idea about the listing price.