Laurus Labs on Monday raised R395.40 crore from anchor investors ahead of its initial public offering. Laurus Labs sold 92.38 lakhs shares to 25 anchor investors at a rate of R428 per share, the upper end of the issue, R426 — R428, it has been set for three-day public offering that opens on Tuesday. The issue will close on Thursday.
Laurus Labs sold 92.38 lakhs shares to 25 anchor investors at a rate of R428 per share, the upper end of the issue, R426 — R428, it has been set for three-day public offering that opens on Tuesday. The issue will close on Thursday.
Investors acquiring shares in the anchor allotment include, Goldman Sachs AMC, Nomura, Eastspring, among others.
Laurus Labs has priced its initial public offering (IPO) aimed at raising R1,331.8 crore, in a price band of R426-R428. Bids can be made for lot of 35 equity shares and multiples of 35 thereof.
The offer consists of R300 crore to be raised through fresh issue and and the remaining via offer for sale (OFS) of 2.41 crore shares by shareholders Aptuit Asia,Bluewater Investment, FIL Capital, and Fidelity India.
The company aims to use the IPO money to repay term loans and for general corporate purposes. Laurus Labs posted a net profit of R132.6 crore in the financial year ended March 31, 2016 against R68.3 crore in the previous year. The company manufactures active pharmaceutical ingredients (APIs) for Heptatis C, oncology and other therapeutic areas. The company filed its IPO proposal with the Securities and Exchange Board of India in August and received regulatory clearance for the IPO in October.
According to guidelines put out by Securities and Exchange Board of India (Sebi), 50% of the shares are reserved for qualified institutional buyers (QIB) category, 15% for high net-worth individuals (HNIs) and 35% for retail investors. Up to 60% of the QIB portion has been reserved for anchor investors and one-third of the anchor investor portion has been reserved for domestic mutual funds. Five per cent of the
QIB category, excluding the anchor investor portion, has been reserved for mutual funds on a discretionary basis.
Kotak Mahindra, Citigroup Global Markets, Jefferies and SBI Capital Markets are the book running lead managers of the issue.