Akums Drugs & Pharma IPO subscribed 43 times so far

1 Aug 2024 , 03:26 PM

Continuing the momentum gained on Day 2, Akum Drugs & Pharma’s initial public offering (IPO) witnessed 43.14 times bookings so far on the last day of bidding.

Qualified Institutional Buyers drove the robust demand, subscribing 55.03 times, followed by Non-Institutional Investors, who booked 38.37 times. The portion earmarked for retail investors was booked 18.17 times followed by Employee Reserved section which was booked 3.59 times.

The IPO consists of a fresh issue of ₹680 crore and an offer for sale (OFS) of up to 1.73 crore shares at a face value of ₹2 each.

The net proceeds from the IPO will be used to repay the company’s debt and subsidiaries, fund incremental working capital requirements, pursue inorganic growth strategies through acquisitions, and for general corporate reasons.

The IPO is priced between ₹646 and ₹679 per share, with buyers able to bid for 22 shares in one lot. At the upper end, the company intends to raise ₹1,857 crore through the offering.

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