Innova Captab IPO subscribed 1.41 times on Day 1

The Initial Public Offering of Innova Captab Limited was subscribed 1.41 times on the first day of bidding.

The issue received bids of 1,27,60,473 shares against the offered 90,78,010 equity shares, at a price band of ₹426-448, according to the data available on the stock exchanges.

Retail Portion was the most subscribed with 2.13 times, Non-Institutional Investors Portion with 0.96 times, whereas Qualified Institutional Buyer Portion subscribed 0.44 times. The issue kicked off for subscription on Thursday, December 21, 2023 and will close on Tuesday, December 26, 2023.

A day prior to the opening of the issue, Innova Captab Limited had raised Rs 171 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were ICICI Prudential MF, Kotak Mahindra MF, Ashoka Whiteoak MF, SBI Life Insurance, 360 One MF, Bandhan MF, Canara Robeco MF, Aditya Birla Sun Life Insurance, Edelweiss MF, ITPL-Invesco MF, & others.

Leading brokerages like Reliance Securities, Marwadi Financial Services, Ventura Capital, Choice Brokering, AJCONGLOBAL, SBI Cap Securities have given a "SUBSCRIBE" rating to the issue, highlighting the company's expansion for the next 2 years envisaged increase in demand and leveraging the customer relationships for domestic branded generics; international generics growth in Sharon Bio Medicine and taxation benefits from the new plant in Jammu will boost earnings over the next few years. The management has indicated an asset turn of around 4-5x, however ramp-up would be gradual. Considering the medium-term growth levers and favourable demanded valuation.

ICICI Securities Limited and JM Financial Limited are the book running lead managers and KFin Technologies Limited is the registrar to the offer.

Source : Equity Bulls

Keywords

InnovaCaptab IPO FundRaising Subscription