Valiant Laboratories raises Rs 45.74 crore via anchor book ahead of IPO

Valiant Laboratories IPO opens on September 27

Drug manufacturer Valiant Laboratories mobilised Rs 45.74 crore from four anchor investors on September 26, a day before the issue opening.

"The board of directors in consultation with book running lead managers to the issue, has finalised allocation of 32,66,970 equity shares to anchor investors at a price of Rs 140 per equity share," the company said in its filing to exchanges.

Leading Light Fund VCC - The Triumph Fund is the largest investor among four anchor investors, buying 14.81 lakh shares worth Rs 20.73 crore.

Saint Capital Fund and Astorne Captal VCC - Arven together invested Rs 20 crore for 7.14 lakh shares each, while Negen Undiscovered Value Fund is the fourth participant, buying 3.57 lakh shares worth Rs 5 crore.

The pharmaceutical ingredient manufacturing company is planning to raise Rs 152.46 crore via an initial public offering that will be opened on September 27, with a price band of Rs 133-140 per share.

Also read: Valiant Lab IPO: 10 things to know before subscribing to Rs 152 cr issue

The offer comprises only a fresh issue component. Hence, the entire issue proceeds excluding IPO expenses will be received by the company.

The part-financing of the capital expenditure requirements of its subsidiary Valiant Advanced Sciences (VASPL) for setting up of a manufacturing facility for speciality chemicals in Gujarat and the said subsidiary's working capital requirements will be done via fresh issue proceeds. The remaining funds will be spent for general corporate purposes.

The issue will be closed on October 3.