Akums Drugs and Pharma IPO listing: Shares list at 6.7% premium to issue price on NSE & BSE

Shares of Akums Drugs and Pharmaceuticals made a decent Dalal Street debut on Tuesday, August 6. The stock opened at a premium of 6.7% at ₹725 per share as against the issue price of ₹679 on the National Stock Exchange

The issue received an overall subscription of 63.56 times led by qualified institutional buyers (QIBs), who subscribed 90.09 times the portion set aside for them. The IPO was open for bidding from July 30 to August 1.

The quota for non-institutional investors (NIIs) was subscribed 42.21 times, while the retail investors' category received 21.30 times subscription.

The IPO consists of a fresh issue of shares valued at ₹680 crore and an offer-for-sale (OFS) component of 1.73 crore shares aggregating to ₹1,177 crore by promoters Sandeep and Sanjeev Jail and an investor Ruby QC Investment Holdings Pte Ltd.

The fresh funds generated from the IPO will be used for inorganic growth initiatives, debt repayment, working capital requirements, and general corporate purposes.

About Akums Drugs and Pharmaceuticals

The company's key clients include Sun Pharmaceutical Industries, Dr Reddy's Laboratories, Alembic Pharmaceuticals, Dabur India, Ipca Laboratories, Hetero Healthcare, Mankind Pharma, Amishi Consumer Technologies (The Mom's Co), Micro Labs, Natco Pharma, Cipla, Alkem Laboratories, Mylan Pharmaceuticals, and MedPlus Health Services.

It also has overseas clients, such as Allegens (Vietnam), Caferma SAC (Peru), Ambica International (Philippines), JDS (Myanmar), Olainfarm (Latvia), Master Pharma (Cambodia), Pharma Apex (Myanmar), Unisel (Kenya), and Planet Pharmaceutical (Tanzania).

Akums Drugs: Financials