Innova Captab IPO subscribed 3.54 times on Day 2

The Initial Public Offering of Innova Captab Limited was subscribed 3.54 times on the second day of bidding.

The issue received bids of 3,21,75,693 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 at 5.02 times, Non-Institutional Investors Portion was subscribed 3.28 times, whereas Qualified Institutional Buyer Portion was subscribed 1.09 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 Ltd had raised Rs 171 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were Ashoka WhiteOak Emerging Markets Trust PLC, Integrated Core Strategies (Asia) Pte. Ltd., Morgan Stanley Asia (Singapore) Pte. - ODI, Copthall Mauritius Investment Ltd - ODI, and Ashoka WhiteOak ICAV Ashoka WhiteOak Emerging Markets Equity Fund Class C. Kotak Mahindra Mutual Fund, 360 One Special Opportunities Fund, Canara Rebeco Mutual Fund, ITPL-Invesco India Midcap Fund, Bandhan Emerging Business Fund, and Edelweiss Mutual Fund, Aditya Birla SunLife Insurance Company, SBI Life Insurance Co. Ltd and Winro Commercial (India) Ltd.

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

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InnovaCaptab FundRaising IPO Subscription