The initial public offering (IPO) of Laurus Labs on day one was subscribed 0.28 times with investors bidding for 62 lakh shares of the total 2.19 crore shares on offer. The company has priced its IPO aimed at raising R1,331.8 crore in a price band of R426-R428 per share.The offer comprises a fresh issue of R300 crore and an offer for sale of 2.4 crore shares by selling shareholders, Aptuit Asia, Bluewater Investment, FIL Capital Management and Fidility India Principals.
The issue subscribed 43.7 lakh shares of the total 61.7 lakh shares from the Qualified institutional buyers category. High net-worth individuals bid for 7.4 lakh shares of the 46.2 lakh shares reserved for them. Retail investors bid nearly 10% of their quota of 1.7 crore shares offered to them. Company employees subscribed 11 thousands shares of total allotted 32,000 shares.
The company on December 5 raised R395.40 crore by allotting 92.38 lakh shares to 25 Anchor investors at a price of R428 a piece. Among the investors who were allotted shares in the pre IPO placement include Goldman Sachs AMC, HBM Partners, Nomura, Eastspring, Harvard AM, among others.
For the year ending March 2016, the company reported a 31.6% increase in its total income at R1791.3 crore from the previous year’s R1,360.6 crore. During the same period, company posted a net profit of R132.6 crore in the financial year ended March 31, 2016 against R68.3 crore in the previous year.