Valiant Laboratories IPO to open on September 27; fixed price band at Rs 133-140 per share

23 Sep 2023 , 10:25 PM

Valiant Laboratories is set to launch its maiden public issue on September 27, with an IPO price band set at Rs 133-140 per share. Here are some key details about the IPO:

1. IPO Size: The initial public offering comprises only a fresh issue of 1.09 crore equity shares by the company, and there is no offer-for-sale portion in the issue.

2. Anchor Book: The anchor book of the offer, which is a part of the qualified institutional buyers’ (QIB) portion, will be opened for a day on September 26, 2023.

3. Closing Date: The IPO will close on October 3, 2023.

4. Allotment Date: The basis of allotment of IPO shares will be finalized by the company in consultation with the NSE by October 5, 2023.

5. Listing Date: Valiant Laboratories is expected to make its debut on the BSE and NSE on October 9, 2023.

6. Fund Utilization: The company plans to raise Rs 152.46 crore via the IPO at the upper price band. The net fresh issue proceeds will be used for setting up a manufacturing facility for specialty chemicals (ketene and diketene derivatives products) in Bharuch, Gujarat, owned by its subsidiary, Valiant Advanced Sciences, and for working capital requirements of the said subsidiary. The remaining funds will be used for general corporate purposes.

7. Minimum and Maximum Investment: Retail investors can bid for a minimum of 105 equity shares, and in multiples of 105 shares thereafter. The minimum application size for retail investors would be Rs 14,700 (105 shares), and their maximum investment in the offer would be Rs 1,91,100 (for 1,365 shares), as they cannot exceed their investment limit beyond Rs 2 lakh in the IPO. High net worth individuals, with an investment limit of Rs 2 lakh to Rs 10 lakh, can invest a minimum of Rs 2,05,800 (for 1,470 shares) and a maximum of Rs 9,99,600 (for 7,140 shares) at the upper price band.

8. Merchant Banker and Registrar: Unistone Capital is the merchant banker to the issue, while Link Intime India is the registrar to the offer.

The pharmaceutical company specializing in the manufacturing of active pharmaceutical ingredients (API) and bulk drugs, primarily focusing on Paracetamol, is predominantly owned by its promoters. Dhanvallabh Ventures LLP, in particular, holds a significant 62.5 percent share in the company. Additionally, the promoters Shantilal Shivji Vora and Santosh Shantilal Vora each possess a 10.01 percent stake in the company.

Valiant Organics, which is a publicly listed entity on both the BSE and NSE, acts as the promoter of Dhanvallabh Ventures LLP, holding a substantial 73.15 percent stake in the LLP.

Paracetamol, a widely used analgesic worldwide, finds numerous applications in the treatment of various conditions, including headaches, muscle aches, arthritis, backaches, toothaches, as well as for alleviating cold and fever symptoms.