Innova Captab IPO: Issue subscribed over 55 times on day 3; NII, retail portion oversubscribed; GMP drops
- Innova Captab IPO receives bumper response on its third day of subscription lead by non institutional investors (NII), and retail investors. Innova Captab IPO subscription status was 55.26 times.
Innova Captab IPO subscription status: Innova Captab IPO receives bumper response on its third day of subscription lead by non institutional investors (NII), and retail investors. Innova Captab IPO subscription status was 55.26 times.
On the second day of subscriptions, the Innova Captab IPO was fully booked, and investors have responded favourably to it overall. Innova Captab IPO subscription status was 3.54 times on day 2.
Innova Captab IPO was subscribed to 1.41 times on day 1. Its retail portion was fully booked. Innova Captab IPO opened for subscription on Thursday, December 21, and will close on Tuesday, December 26. Innova Captab Limited raised ₹171 crore from anchor investors on Wednesday, December 20.
Innova Captab IPO price band has been set in the range of ₹426 to ₹448 per equity share of face value of ₹10. The floor price is 42.60 times the face value of the equity shares and the cap price is 44.80 times the face value of the equity shares. The price to earnings ratio based on diluted EPS for fiscal 2023 at the floor price is 30.08 times and at the cap price is 31.64 times. Innova Captab IPO lot size is 33 equity shares and in multiples of 33 equity shares thereafter.
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Innova Captab IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.
An integrated pharmaceutical company based in India, Innova Captab is involved in all aspects of the pharmaceutical value chain, including product development, manufacturing, marketing, distribution, and exports.
On day 3, Innova Captab IPO's retail investors portion was subscribed 17.15 times, NII portion was subscribed 64.95 times, and QIB portion is booked 116.73 times.
Innova Captab IPO subscription status
Innova Captab IPO has received bids for 50,16,69,597 shares against 90,78,010 shares on offer, according to data from the BSE.
Innova Captab IPO retail investors' portion received bids for 7,85,72,439 shares against 45,82,233 shares on offer for this segment.
Innova Captab IPO's non-institutional investors' portion received bids for 12,75,40,116 shares against 19,63,815 on offer for this segment.
Innova Captab IPO's QIBs portion received bids for 29,55,57,042 shares against 25,31,962 shares on offer for this segment.
Innova Captab IPO details
A fresh issuance of equity shares up to ₹320 crore and an offer-for-sale (OFS) of up to 55,80,357 equity shares by the promoter and selling shareholders make up the offer of face value of ₹10 per equity share.
The OFS consists of the following: up to 1,953,125 equity shares held by Manoj Kumar Lohariwala; up to 1,953,125 equity shares held by Vinay Kumar Lohariwala (collectively, the “Promoter Selling Shareholders”); and up to 1,674,107 equity shares held by Gian Parkash Aggarwal (collectively, the “Other Selling Shareholder” and the “Selling Shareholders” in conjunction with the Promoter Selling Shareholders, the “Selling Shareholders”); this offer for the sale of equity shares by the Selling Shareholders is referred to as the “Offer for Sale ”.
The company proposes to utilise the net proceeds from the fresh issue towards repayment and / or prepayment in part or in full, of certain outstanding loans, funding the working capital requirements.
The registrar for the Innova Captab IPO is Kfin Technologies Limited, and the book running lead managers are ICICI Securities Limited and JM Financial Limited.
Innova Captab IPO GMP today
Innova Captab IPO GMP today or grey market premium is +90, lower than the previous session, which was +140. This indicates Innova Captab share price were trading at a premium of ₹90 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Innova Captab share price is ₹538 apiece, which is 20.09% higher than the IPO price of ₹448.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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