Laurus Labs' IPO subscribed 61% on second day

The initial public offer (IPO) of pharmaceutical firm Laurus Labs was subscribed 61 percent on the second day of the bidding.

The IPO received bids for 1,33,29,155 shares as against total issue size of 2,19,11,308 scrips, as per NSE data till 1700 hours.

The retail investor portion was subscribed 39 percent, while the quota reserved for qualified institutional buyers (QIBs) and non-institutional investors got subscribed 1.02 times and 54 percent respectively.

Laurus Labs, on Monday, raised over Rs 395 crore by allotting shares to anchor investors. The initial public offering opened for subscription on December 6 and will close 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 for the offer.

At the upper end of the price band, the firm 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 general corporate purposes.

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