Valiant Laboratories IPO: The initial public offering (IPO) of Valiant Laboratories Ltd, which was opened for subscription between September 27 and October 3, received a decent response with 29.75 times subscription on the last day of bidding. It received bids for 22,68,13,020 shares against 76,23,030 shares on offer, according to the latest NSE data.
The portion for non-institutional investors was subscribed 73.63 times while the quota for qualified institutional buyers received 20.83 times subscription. Retail individual investors portion got subscribed 16.05 times.
The IPO allotment will take place on October 5, and the listing will take place on both BSE and NSE on October 9.
Valiant Laboratories IPO: GMP Today
According to market observers, unlisted shares of Valiant Laboratories Ltd are currently trading Rs 25 higher in the grey market as compared to its issue price. The Rs 25 grey market premium or GMP is about 17.86 per cent higher than its upper issue price of Rs 140 per share. This means the grey market is expecting a 17.86 per cent listing gain from the public issue.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Valiant Laboratories IPO Details
The IPO was an entirely fresh issuance of up to 1.08 crore equity shares. Price range for the offer was Rs 133-140 a share.
Proceeds of the issue will be utilised to set up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary — Valiant Advanced Sciences Private Ltd — and to meet the working capital requirements of the subsidiary company.
Valiant Laboratories is an active pharmaceutical ingredient or bulk drug manufacturing company with its focus on manufacturing paracetamol, used in the treatment of headaches, muscle aches, arthritis, backache, toothache, cold, and fever.
Unistone Capital was the manager to the offer.
Equity shares of the company will be listed on the BSE and the NSE.
Comments
0 comment