Akums Drugs IPO: In light of huge demand from retail and non-institutional investors, Akum Drugs and Pharmaceuticals Ltd.’s initial public offering was fully booked on the first day of bidding. After the issue opened for subscription, the retail section had an overwhelming response within an hour, with other segmentsswiftly following suit. The public subscription period for the initial share sale, which began on July 30, will end on August 1.
Akum Drugs IPO has garnered ₹829 crore from anchor investors a day before its share-sale opening for public subscription. The issue has a price band of ₹646 to ₹679 per share.
In addition to an offer-for-sale (OFS) of 1.73 lakh shares priced at ₹1,177 crore, at the upper end of the price band, by promoters and an existing investor, the company’s IPO consists of a fresh issue of equity shares worth ₹680 crore.
Sandeep Jain, Ruby QC Investment Holdings Pte Ltd, and Sanjeev Jain are the ones selling their shares in the OFS. In the public offering, the business has set aside shares valued at ₹15 crore for employees.
The proceeds of the fresh issuance will be utilised for general corporate purposes, debt repayment, the company’s working capital needs, and the pursuit of inorganic growth plans through acquisitions.
The issue’s book-running lead managers are ICICI Securities, Axis Capital, Citigroup Global Markets India, and Ambit Pvt Ltd.
Here are some of the key risks listed by the company in its Red-Herring Prospectus (RHP):
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