Valiant Laboratories IPO subscribed 29.76 times on final day

3 Oct 2023 , 10:52 PM

The initial public offering (IPO) of Valiant Laboratories witnessed strong demand and was subscribed 29.76 times by October 3, the final day of bidding. Investors purchased 22.68 crore shares against the offer size of 76.23 lakh shares.

High net worth individuals subscribed 73.64 times their allocated quota of shares, while retail investors subscribed 16.06 times the shares allotted to them. The portion set aside for qualified institutional buyers (QIBs) was subscribed 20.83 times, with 50% of the IPO reserved for QIBs.

Valiant Laboratories’ IPO, which had a price band of Rs 133-140 per share, is entirely a fresh issue. The company plans to utilize the proceeds to set up a specialty chemicals manufacturing facility in Gujarat, owned by its subsidiary Valiant Advanced Sciences (VASPL). Additionally, the IPO funds will be used to fund the working capital requirements of the subsidiary.

Valiant Laboratories is primarily engaged in the manufacturing of active pharmaceutical ingredients and bulk drugs, with a focus on paracetamol, one of the most commonly used analgesics worldwide.

The basis of allotment will be finalized by October 5, and shares will be credited to eligible investors’ demat accounts by October 6. The stock is expected to list on October 9, according to the IPO schedule.