Akums Drugs Lists With 6% Premium

6 Aug 2024 , 09:56 AM

Shares of Akums Drugs and Pharmaceuticals commenced trading on Dalal Street with a 6% premium, listing at ₹725 on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). This listing price is 6.77% higher than the issue price of ₹679.

Robust IPO Subscription

The IPO of Akums Drugs and Pharmaceuticals saw overwhelming demand, receiving an overall subscription of 63.56 times. Qualified institutional buyers (QIBs) led the charge, subscribing 90.09 times the portion allocated for them. Non-institutional investors (NIIs) followed with a subscription rate of 42.21 times, while the retail investors’ category was subscribed 21.30 times. The bidding for the IPO was open from July 30 to August 1.

IPO Details

The IPO comprised a fresh issue of shares worth ₹680 crore and an offer-for-sale (OFS) of 1.73 crore shares, aggregating ₹1,177 crore. The OFS was executed by the promoters, Sandeep and Sanjeev Jail, and an investor, Ruby QC Investment Holdings Pte Ltd.

Utilization of Funds

The funds generated from the IPO are earmarked for several strategic initiatives, including inorganic growth opportunities, debt repayment, working capital requirements, and general corporate purposes.

About Akums Drugs and Pharmaceuticals

Akums is a leading Contract Development and Manufacturing Organization (CDMO) in the pharmaceutical sector, offering a comprehensive range of products and services to both domestic and international markets.