Akums Drugs and Pharmaceuticals IPO Day 1: Issue subscribed 0.83 times so far, retail investors lead; check details

The initial public offering (IPO) of Akums Drugs and Pharmaceuticals Ltd received 0.83 times subscription so far on Tuesday, July 30, the first day of bidding.

Of the 1.51 crore shares on offer, bids have been placed for 1.25 crore shares so far on day 1. The retail category has received 2.17 times subscription, while the non-institutional investors (NIIs) portion was subscribed 0.87 times.

The part set aside for qualified institutional buyers (QIBs) was booked 0.36 times.

The fresh issue proceeds will be used to repay debt, fund working capital requirements, fund general corporate purposes, and pursue inorganic growth through acquisition.

The company said that 75% of the total issue is reserved for QIBs, 15% for NIIS, and the remaining 10% for retail investors. An interested investor can bid for a minimum of 22 shares and in multiples thereafter.

Akums Drugs IPO: Timeline

• Bidding period: July 30 to August 1
• Allotment finalisation: August 2
• Refund initiation: August 5
• Transfer of shares to Demat account: August 5
• Listing on NSE & BSE: August 6

About Akums Drugs

Established in 2004, Akums Drugs is one of the top pharmaceutical contract development and manufacturing organizations (CDMOs) in the country. It offers a wide range of pharmaceutical products and services in domestic and international markets.

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