Innova Captab share price makes muted debut, lists with 1.8% premium at ₹456.10 apiece on BSE

Innova Captab share price made a muted stock market debut on Friday, December 29. Innova Captab shares were listed at ₹456.10 apiece on the BSE, a premium of 1.81% to the issue price of ₹448.00 per share.

Innova Captab shares began trading at nearly 1% premium to the issue price at ₹452.10 apiece on NSE.

Innova Captab launched its initial public offering (IPO) on December 21 to raise ₹570 crore from the market. The bidding for Innova Captab IPO closed on December 26 and the IPO allotment was finalized on December 27. Innova Captab IPO listing date was fixed as December 29.

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The public issue received strong demand from investors as the IPO was subscribed by a robust 55.26 times in total.

Innova Captab was subscribed 17.15 times in the retail category, 116.73 times in Qualified Institutional Buyers' (QIB) category, and 64.95 times in the Non-Institutional Investors' (NII) category.

Innova Captab was a combination of fresh issue of 71 lakh shares aggregating to ₹320 crore and an offer for sale (OFS) of 56 lakh shares aggregating to ₹250 crore. The IPO price band was set at ₹426 to ₹448 per share and the lot size was 33 shares. 

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The company proposes to utilise the net proceeds from the fresh issue towards repayment and of certain outstanding loans, investment in the subsidiary UML, funding the working capital requirements and general corporate purposes.

ICICI Securities and JM Financial are the book running lead managers of the Innova Captab IPO, while Kfin Technologies is the IPO registrar.

Innova Captab is an integrated pharmaceutical company in India with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports.

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In Fiscal 2022, among Indian formulation CDMO players considered in the CRISIL Report, Innova Captab recorded the third highest operating revenue, the second highest operating profit margin, the third highest net profit margin and the second highest return on capital employed.

Innova Captab has two manufacturing facilities in Baddi, Himachal Pradesh.

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