New Delhi: Akum Drugs and Pharmaceuticals Ltd announced on Monday that it has raised Rs 829 crore from anchor investors just before opening its public share sale. Anchor investors include Abu Dhabi Investment Authority, Smallcap World Fund, Inc, HSBC Global Investment Funds, SBI Mutual Fund (MF), Bandhan MF, Motilal Oswal MF, Aditya Birla Sun Life MF, SBI Life Insurance Company, HDFC Life Insurance Company, and ICICI Prudential Life Insurance Company.
As per a circular published on the NSE's website, the company has chosen to distribute 1.22 crore shares to 50 funds at Rs 679 per share, totaling the transaction amount to Rs 828.78 crore. The problem will begin public subscriptions on July 30th and close on August 1st, with a price range of Rs 646 to Rs 679 per share.
The IPO, totaling Rs 1,875 crore, consists of Rs 680 crore in fresh equity shares and an OFS of 1.73 crore shares worth Rs 1,177 crore by promoters and an existing investor. Sanjeev Jain, Sandeep Jain, and Ruby QC Investment Holdings Pte Ltd are the individuals and company selling shares in the OFS. The funds raised through the new offering will be utilized for debt repayment, fulfilling the company's working capital needs, undertaking acquisition-driven growth strategies, and for general corporate use. After the issue, brokerage houses have estimated the company's market capitalisation to be Rs 10,697 crore.
The company announced that 75 pc of the total shares are set aside for qualified institutional buyers, 15 pc for non-institutional investors, and the remaining 10 pc for retail investors. Investors have the option to bid for at least 22 equity shares and in increments of that amount. Established in 2004, Akums is a pharmaceutical contract development and manufacturing organization (CDMO) that provides services.
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