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IPO

Pharma co Innova Captab attracts Rs.171-Cr from 17 anchor investors

Economic Times  

Mumbai-based pharmaceutical company Innova Captab has attracted INR 171 crore from 17 anchor investors ahead of its initial public offer (IPO). The anchor investors, who were allotted 3,816,963 shares, included ICICI Prudential Pharma Healthcare and Diagnostics (PHD) Fund, Kotak Healthcare Fund, 360 One Special Opportunities Fund Series-9, Bandhan Smallcap Fund, and Aditya Birla Sun Life Company. Six domestic mutual funds applied through a total of eight schemes, accounting for 44.88% of the anchor investor portion. The amount raised through them is about INR 76.74 crore. The price band of the public issue is fixed at INR 426-448, and at the upper end, the company plans to raise INR 570 crore. The IPO will be a combination of a fresh issue of equity shares for INR 400 crore and an offer-for-sale (OFS) of 9,600,000 equity shares by the promoter and selling shareholders. Innova Captab has a presence across the pharmaceutical value chain, including research and development, manufacturing, drug distribution and marketing, and exports. In FY23, the company's revenue from operations grew 16% year-on-year to INR 926 crore, while profit after tax was up marginally to INR 67.9 crore. ICICI Securities and JM Financial are the book-running lead managers to the issue, and KFin Technologies is the registrar to the offer.