Valiant Laboratories IPO bidding starts today; check live subscription details here

27 Sep 2023 , 12:18 PM

Valiant Laboratories Limited, a pharmaceutical company specializing in drug manufacturing, has initiated its initial public offering (IPO) for subscription today. The company aims to raise Rs 152 crore through this IPO, which consists solely of a fresh issue of equity shares and does not include an offer for sale component. Click here to subscribe the IPO.

The IPO, priced in the range of Rs 133 to Rs 140 per share, has garnered a 16% subscription rate in the first two hours of its opening. Notably, the retail portion of the IPO has achieved a 32% subscription, while the non-institutional portion has received 3% of the total bids.

The allocation of shares in the offering includes 50% reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 35% for retail investors. Investors have the option to bid for a minimum of 105 shares in one lot, with multiples available thereafter.

Valiant Laboratories intends to utilize the funds raised from the IPO for investments in its wholly-owned subsidiary, Valiant Advanced Sciences Private Limited (VASPL). These funds will be used to partially finance the capital expenditure requirements for the establishment of a manufacturing facility specializing in specialty chemicals, including ketene and diketene derivatives products. This facility will be located in the Saykha Industrial Area of Gujarat. Additionally, the company will allocate funds to VASPL to support its working capital needs and for general corporate purposes.