Akums Drugs IPO: Akums Drugs and Pharmaceuticals lists at Rs 725, a premium of 6.77% to the issue price on the National Stock Exchange. The company closed its IPO on August 01 and opened it on July 30.
The company kept the IPO price band in a range of Rs 646 to Rs 679 per equity share. The company raised a total of Rs 1,856.74 crore from investors by offering them a combination of fresh shares and an offer for sale. The allotment of shares was finalised on August 02.
GMP
The company’s shares were attracting a premium of more than 6% in the grey market ahead of listing. The grey market is an unofficial palace where shares change hands illegally before stocks are listed on the bourses.
Minimum Investment Required
A retail buyer needed Rs 14,938 to apply for a single lot that contained 22 shares of the company. Meanwhile, there were different lot sizes for NIIs and QIBs.
Employee Reservation
The company offered 243,902 shares to the employees for a discount of Rs 64 to the issue price.
Expert’s Take on Akums Drugs and Pharmaceuticals IPO
“Considering healthy subscription demand, especially from QIB (90x) and unique business matrix, we continue to believe and hold our long-term positive outlook in India’s largest CDMO player by revenue, production capacity and client base. We think the company’s comprehensive product offerings and extensive manufacturing capabilities, along with its strategic presence across the pharmaceutical value chain, provide a solid foundation for sustained growth. We recommend allotted investors to “Hold” IPO for a long-term perspective. Post listing, we believe the market can give Akums a premium multiple towards its leadership position which may result in delivering healthy post-listing gains on its issue price,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
BRLMs and Registrar
ICICI Securities, Axis Bank, Citigroup Global Markets India, and Ambit were the lead book runners of the IPO. Link Intime India worked as the registrar for the issue.