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Laurus Labs’ IPO fully subscribed on final day

Laurus Labs

NEW DELHI:  The initial public offer (IPO) of pharmaceutical firm Laurus Labs was fully subscribed in the afternoon on the final day of the bidding today.

The IPO received bids for 2,26,84,270 shares against a total issue size of 2,19,11,308 scrips, garnering a subscription of 1.04 times as per NSE data till 1 pm.

Till yesterday, retail investors portion was subscribed 39 per cent, while the quota reserved for qualified institutional buyers (QIBs) and non-institutional investors got subscribed 1.02 times and 54 per cent, respectively.

Laurus Labs had on Monday raised over Rs. 395 crore by allotting shares to anchor investors. The IPO opened for subscription on December 6 and closes today.

The IPO entails little over 2.41 crore shares under offer for sale route and fresh issue worth up to Rs. 300 crore. The price band has been fixed at Rs. 426-428.

At the upper end of the price band, the company can raise up to Rs. 1,331.79 crore.

The Hyderabad-based firm plans to utilise the net proceeds from the fresh issue towards pre-payment of term loans and for general corporate purposes.

Kotak Mahindra Capital Company Ltd, Citigroup Global Markets India, Jefferies India and SBI Capital Markets are managing the offer.

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