Pharmaceutical company Valiant Laboratories has fixed the price band for its initial public offering at Rs 133-140 per share on September 22. The offer will open for subscription on September 27.
The firm is planning to raise Rs 152.46 crore via initial public offering at the upper price band. The offer consists of only a fresh issue of 1.09 crore equity shares by the company, while there is no offer-for-sale portion in the IPO.
Investors can bid for a minimum of 105 equity shares, and in multiples of 105 shares thereafter. The minimum application size for retail investors would be Rs 14,700 (105 shares) and their maximum investment in the offer would be Rs 1,91,100, i.e. for 1,365 shares, as they can non exceed their investment limit beyond Rs 2 lakh in the IPO.
High networth individuals, with an investment limit of Rs 2 lakh to Rs 10 lakh, can invest a minimum of Rs 2,05,800 (for 1,470 shares) and the maximum at Rs 9,99,600 (for 7,140 shares), at the upper price band.
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The company will open the anchor book of its public issue, for a day, on September 26, while the offer will be closing on October 3.
The expenditure for setting up a manufacturing facility for speciality chemicals (ketene and diketene derivatives products) in Bharuch, Gujarat owned by its subsidiary, Valiant Advanced Sciences will be done through the net fresh issue proceeds. And the remaining fresh issue money will be utilised for working capital requirements, and general corporate purposes.
Also read: Zaggle prepaid stock lists at IPO price. Should investors hold, sell, or buy?
The Mumbai-based active pharmaceutical ingredient (API) and bulk drug manufacturing company with focus on Paracetamol is owned by the promoters including Dhanvallabh Ventures LLP, which holds 62.5 percent shareholding. Promoters Shantilal Shivji Vora and Santosh Shantilal Vora hold 10.01 percent stake each in the company.
Valiant Organics, the listed entity on the BSE and NSE, is the promoter of Dhanvallabh Ventures LLP with 73.15 percent stake.
This is supposed to be the last amongst 13 public issues in the current month. Others included Manoj Vaibhav Gems N Jewellers, Sai Silks (Kalamandir), Signature Global, Yatra Online, Zaggle Prepaid Ocean Services, SAMHI Hotels, RR Kabel, EMS, Jupiter Life Line Hospitals, and Ratnaveer Precision Engineering.
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