New Delhi: Akums Drugs and Pharmaceuticals Ltd shares debuted on Tuesday with a premium of nearly 7 percent above the issue price of Rs 679. The stock premiered at Rs 725, rising by 6.77 percent from the issue price on both the BSE and NSE. Afterwards, it surged by 15.55 percent to reach Rs 784.65 on the BSE. The company's market capitalization was Rs 11,806.91 crore in the morning trading session.
On Thursday, there was significant interest from institutional buyers as Akums Drugs and Pharmaceuticals' initial public offering was subscribed 63.56 times by the closing day of the share sale.
The initial public offering of Rs 1,875 crore was priced between Rs 646 and Rs 679 per share. The funds raised from the new offering will go towards paying off debt, supporting the company's operational needs, investing in growth opportunities through acquisitions, and for general business needs. Established in 2004, Akums is a pharmaceutical contract development and manufacturing organization (CDMO) that provides a wide variety of pharmaceutical products and services in both India and abroad.
As of September 30, 2023, notable clients for the company's CDMO business consist of Alembic Pharmaceuticals, Alkem Laboratories, Cipla, Dabur India, Dr Reddy's Laboratories, Hetero Healthcare, Ipca Laboratories, Mankind Pharma, MedPlus Health Services, Micro Labs, Mylan Pharmaceuticals, Natco Pharma, Sun Pharmaceutical Industries, and Amishi Consumer Technologies (The Mom's Co).
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