Innova Captab's Rs 570-Cr IPO To Open On Dec 21; Fixes Price Band Of Rs 426-448 Per Share

Innova Captab IPO: The maiden public issue comprises a fresh issue of equity shares worth up to Rs 320 crore and an OFS of up to 55.80 lakh equity shares by promoters and selling shareholders

Innova Captab issue will open on December 21 and conclude on December 26.

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Innova Captab, an integrated pharmaceutical firm, on Monday fixed a price band of Rs 426-448 per share for its Rs 570-crore initial public offering (IPO). The company said the issue will open on December 21 and conclude on December 26, according to PTI. 

The maiden public issue comprises a fresh issue of equity shares worth up to Rs 320 crore and an offer-for-sale (OFS) of up to 55.80 lakh equity shares by promoters and selling shareholders. Those selling shares in the OFS are, Manoj Kumar Lohariwala, Vinay Kumar Lohariwala, and Gian Parkash Aggarwal.

At the upper end of the price band, the IPO is likely to fetch Rs 570 crore. Proceeds from fresh issuance worth Rs 144.40 crore will be utilised for debt payment, Rs 23.60 crore for investment in the subsidiary UML, and Rs 72 crore for funding working capital requirements. Besides, a portion will be used for general corporate purposes.

Half of the issue has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional buyers. Investors can bid for a minimum of 33 equity shares and in multiples of 33 equity shares.

Innova Captab is an integrated pharmaceutical company with a presence across the pharmaceuticals value chain, including research and development, manufacturing, drug distribution, and marketing and exports. The company's consolidated revenue from operations grew 15.72 per cent to Rs 926.38 crore for fiscal 2023 from Rs 800.53 crore in the preceding fiscal. Its profit after tax (PAT) rose 6.26 per cent to Rs 67.95 crore for fiscal 2023 from Rs 63.95 crore in FY22.

ICICI Securities and JM Financial are book-running lead managers for the IPO. The equity shares are proposed to be listed on BSE and NSE. 

Muthoot Microfin IPO

Meanwhile, Muthoot Microfin IPO has been subscribed 29 per cent so far on the first day of bidding on Monday, with bids coming in for 70.54 lakh shares as against an issue size of 2.43 crore shares.

Retail investors bought 51 per cent of their allotted quota of shares. The portion set aside for non-institutional investors (NIIs) was subscribed 14 per cent, the employees' portion was booked 53 per cent, while qualified institutional buyers (QIBs) were off to a slow start. Ahead of the opening of the issue, anchor investors bought Rs 285 crore worth of shares in the microfinance institution.