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Alkem Lab IPO subscribed 35% on first day

Alkem Labs, IPO, subscription

Mumbai: Alkem Laboratories' initial public offering (IPO) was subscribed 35 per cent on the first day of the issue on Tuesday.

The Rs 1,350-crore IPO received bids for 31,68,872 shares against the total issue size of 90,87,084 shares, data available with the NSE till 5:00 p.m. showed.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 41 per cent and non-institutional investors category received 9 per cent subscription.

Retail investors' pie was subscribed 44 per cent. Alkem Laboratories has raised Rs 395 crore from anchor investors, including Abu Dhabi Investment Fund, by allotting shares at a price of Rs 1,050.

For the IPO, the company has fixed a price band of Rs 1,020-1,050. Through the initial share sale, which closes on December 10, Alkem aims to raise up to Rs 1,350 crore.

The global coordinators and book running lead managers (GCBRLMs) to the issue are Nomura Financial Advisory and Securities (India), Axis Capital Ltd, JP Morgan India Pvt Ltd and Edelweiss Financial Services Ltd.

Alkem plans to expand its footprint internationally. It had a portfolio of 705 brands in the domestic market as on September 30.

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