July 30, 2024
New Delhi, India
IPO Listing
The initial public offering (IPO) of Akums Drugs and Pharmaceuticals Limited opened today, Tuesday, July 30, 2024, with a total issue size of ₹1,856.74 Crore. The IPO will remain open for subscription until Thursday, August 1, 2024.
Subscription Status:
- Day 1 (11:05 AM):
- Overall Subscription: 0.23 times
- Non-Institutional Investors (NII): 0.27 times
- Retail Individual Investors (RII): 0.87 times
IPO Details:
- Price Band: ₹646 to ₹679 per equity share
- Lot Size: 22 equity shares and multiples thereof
- Issue Type: Mainboard IPO
- Listing: BSE and NSE
- GMP: According to stock market observers, shares are available at a premium of ₹181 in the grey market today.
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Company Overview: Akums Drugs and Pharmaceuticals is a contract development and manufacturing organization (CDMO) involved in the manufacture and sale of branded drugs and active pharmaceutical ingredients (APIs). The company offers end-to-end solutions for product development, manufacturing, research and development (R&D) of formulations, regulatory dossier preparation, and other testing services.
Financial Highlights:
- FY 2022-23:
- Net Profit: ₹97.82 Crore
- Revenue: ₹3,700.93 Crore
- Six Months Ending September 30, 2023:
- Net Loss: ₹154.75 Crore
- Revenue: ₹2,166.01 Crore
IPO Components:
- Fresh Share Sale: ₹680 Crore
- Offer for Sale (OFS): Up to 1,73,30,435 shares by promoters and existing shareholders
Use of Proceeds:
- Debt repayment/prepayment
- Funding working capital requirements
- Inorganic growth
- General corporate purposes
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Allocation Details:
- Qualified Institutional Bidders (QIBs): 75%
- Non-Institutional Investors (NIIs): 15%
- Retail Investors: 10%
- Employee Reservation: Shares worth ₹15 Crore reserved for eligible employees, with a discount of ₹64 per share.
Manufacturing Capacity: The company operates 10 manufacturing units with a cumulative production capacity of 49.21 billion units annually. Akums has produced 4,025 commercialized formulations in over 60 dosage forms, including tablets, capsules, liquid medicines, vials, ampoules, blow-filled closures, topical preparations, eye drops, dry powder injections, and gummy bears.
Important Dates:
- IPO Opening Date: July 30, 2024
- IPO Closing Date: August 1, 2024
- Allotment Date: August 2, 2024
- Listing Date: August 6, 2024
IPO Management:
- Lead Managers: ICICI Securities, Axis Bank, Citigroup Global Markets India, and Ambit
- Registrar: Link Intime India Private Ltd
Market Sentiment: Colgate Palmolive India shares jumped over 6% to a 52-week high following strong Q1 results, with analysts raising target prices on the stock. Despite the positive sentiment, analysts believe current valuations have priced in most near-term triggers, offering limited upside.
The Akums Drugs IPO has garnered significant interest in the market, reflected in the grey market premium and early subscription data. Investors should consider the company’s financial health, market position, and growth prospects when evaluating the IPO.
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