Akums Drugs & Pharm a shares close at a 17% premium

6 Aug 2024 , 03:43 PM

Akums Drugs & Pharmaceuticals’ shares debuted on the bourse on Tuesday at a 6.8% premium. The stock closed at ₹797.5 on the NSE and BSE, versus an issue price of ₹679.

The IPO had a positive response from investors, with an overall subscription of 63.5 times. Analysts recommended investors to subscribe to the IPO because it is offered at affordable values.

Furthermore, the organisation is the largest CDMO serving the Indian pharmaceutical industry, with a proven track record and a broad clientele.

The net proceeds of the IPO will be used by the firm to repay/prepay indebtedness of the company and its subsidiaries, fund incremental working capital requirements, pursue inorganic growth plans through acquisitions, and for general corporate reasons.

Akums Drugs & Pharmaceuticals is a contract development and manufacturing organisation (CDMO) that provides a wide range of pharmaceutical products and services in India and internationally.

The company operates across the pharmaceutical value chain, including as a CDMO, formulation marketer, and API maker.

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