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Last day to subscribe Valiant Laboratories IPO; retail portion fully booked

29 Sep 2023 , 12:03 PM

The Valiant Laboratories IPO, which opened for subscription on September 27 and is set to close today, has witnessed moderate investor interest. As of the second day of the offering, the IPO has been oversubscribed by 71%, with investors subscribing to 54.35 lakh equity shares out of the total IPO size of 76.23 lakh shares. Click here to subscribe the IPO.

By noon on the third day of the IPO, the subscription rate reached 1.05 times. Among the investor categories, retail investors have shown the highest enthusiasm, with their portion being oversubscribed by 1.86 times. High net-worth individuals have also shown interest, subscribing to 50% of the shares reserved for them. However, the qualified institutional buyers (QIB) portion has only witnessed 5% subscription so far.

Valiant Laboratories, a pharmaceutical ingredient manufacturing company, aims to raise Rs 152.46 crore through its maiden public issue, which comprises only a fresh issue component. The company plans to utilize the net proceeds from the IPO for setting up a manufacturing facility for specialty chemicals, to be operated by its subsidiary Valiant Advanced Sciences (VASPL) in Gujarat. Additionally, funds will be allocated for VASPL’s working capital requirements, with the remainder allocated for general corporate purposes.

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