- Akums Drugs and Pharmaceuticals Limited will open its Initial Public Offer (IPO) on 30 July 2024.
- The IPO includes a fresh issue and an offer for sale by existing shareholders, with shares priced between INR 646 and INR 679 each.
Akums Drugs and Pharmaceuticals Limited has announced its transition to a public company with an Initial Public Offer (IPO) set to open on 30 July 2024. The IPO will feature a fresh issue of equity shares amounting to INR 6,800 million and an offer for sale (OFS) of up to 17,330,435 shares by existing shareholders.
The IPO will consist of up to 1,512,000 shares each from Co-Founders Sanjeev Jain and Sandeep Jain, and up to 14,306,435 shares from Ruby QC Investment Holdings Pte. Ltd., backed by Quadria Capital. The offer also includes a reservation for eligible employees worth up to INR 15 crore.
The price band for the equity shares is set between INR 646 and INR 679, with bids starting at a minimum of 22 shares and in multiples of 22 shares thereafter. Proceeds from the IPO will be used to repay and prepay debts, fund working capital, and support acquisitions.
The IPO details are outlined in the Red Herring Prospectus dated 24 July 2024, filed with the Registrar of Companies in Delhi and Haryana. ICICI Securities Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, and Ambit Private Limited are the book-running lead managers for the offer.
Akums Drugs holds a 30 per cent market share in the Indian Contract Development and Manufacturing Organization (CDMO) sector and has over 900 DCGI and FSSAI approvals.
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