Akums Drugs and Pharmaceuticals IPO opens today: Check issue size, price band, key dates and more

Akums Drugs and Pharmaceuticals IPO will open for subscription on Tuesday, June 30. The initial public offering, which will conclude on August 1, has a price band of ₹646 to ₹676 per equity share.

The ₹1,875-crore IPO consists of a fresh issue of shares aggregating to ₹680 crore and an offer for sale (OFS) component of 1.73 crore equity shares amounting to ₹1,177 crore by promoters Sanjeev Jain and Sandeep Jain and existing investor Ruby QC Investment Holdings Pte Ltd.

On Monday, Akums Drugs and Pharmaceuticals Ltd raised ₹829 crore in the anchor round. Abu Dhabi Investment Authority, HSBC Global Investment Funds, Smallcap World Fund, SBI Mutual Fund (MF), Motilal Oswal MF, Bandhan MF, Aditya Birla Sun Life MF, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, SBI Life Insurance Company are among the anchor investors.

The company allocated 1.22 crore equity shares to 50 funds at ₹679 per unit, aggregating to ₹828.78 crore.

The IPO proceeds will be used to pursue inorganic growth initiatives through acquisition, repay debt, fund the working capital requirement, and for general corporate purposes.

The company has reserved 75% of the issue for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 10% for retail investors.

Axis Capital, Citigroup Global Markets India, Ambit Pvt Ltd, and ICICI Securities are the issue's lead managers.

Akums Drugs IPO: Timeline

• Bidding starts: July 30
• Bidding ends: August 1
• Allotment finalisation: August 2
• Refund initiation: August 5
• Demat transfer: August 5
• Listing: August 6

About Akums Drugs

Established in 2004, Akums is a pharmaceutical contract development and manufacturing organisation (CDMO) that provides a comprehensive range of pharmaceutical products and services in the domestic and global markets.

As of September 30, 2023, key clients of the company include Alkem Laboratories, Alembic Pharmaceuticals, Cipla, Dr Reddy's Laboratories, Dabur India, Ipca Laboratories, Hetero Healthcare, Mankind Pharma, Micro Labs, MedPlus Health Services, Mylan Pharmaceuticals, Sun Pharmaceutical Industries, Natco Pharma, and Amishi Consumer Technologies (The Mom's Co).

Akum Drugs: Financials