Pharmaceutical company Innova Captab has mobilised Rs 171 crore from anchor investors on December 20, a day before the issue opening. The IPO will be opening for subscription during December 21-26.
Several institutional investors including Morgan Stanley, Copthall Mauritius Investment, ICICI Prudential Mutual Fund, Kotak Mahindra Trustee, Ashoka Whiteoak Emerging Markets Trust, SBI Life Insurance Company, Bandhan Mutual Fund, Canara Robeco Mutual Fund, Aditya Birla Sun Life Insurance Company, Invesco India, and Integrated Core Strategies invested in the company via anchor book.
The Himachal Pradesh-based pharmaceutical finished dosage formulation manufacturing company said in consultation with merchant bankers has finalised allocation of 38,16,963 equity shares to anchor investors at a price of Rs 448 per share.
"Six domestic mutual funds have applied through a total of eight schemes for the anchor book of the issue," it added.
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Innova Captab intends to raise Rs 570 crore through its maiden public issue. The IPO comprises a fresh issuance of shares worth Rs 320 crore and an offer-for-sale (OFS) of Rs 250 crore by the existing shareholders.
Promoters Manoj Kumar Lohariwala and his brother Vinay Kumar Lohariwala, and non-promoter Gian Parkash Aggarwal will be selling shareholders in the OFS.
The price band for the offer has been fixed at Rs 426-448 per share.
The contract development and manufacturing organization for Indian pharmaceutical industry has raised Rs 30 crore in a pre-IPO placement at a price of Rs 418 per share, and Rs 50 crore via cumulative compulsorily convertible preference (CCPS) shares at Rs 354 per CCPS, on December 16.
With owning two facilities in Baddi (Himachal Pradesh), the healthcare company will be repaying its debts amounting to Rs 168 crore and spend Rs 72 crore for its working capital requirements, through the net fresh proceeds.
The secured borrowings stood at Rs 457.7 crore and subsidiary Univentis Medicare's (UML) at Rs 175 crore as of October 2023.
ICICI Securities and JM Financial are the merchant bankers to the issue.
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