Akums Drug IPO: Pharma Giant Raises ₹828.78 Crore from Anchor Investors Ahead of Public Issue

Akums Drugs and Pharmaceuticals Limited announced that it has raised almost ₹828.78 crore from anchor investors before its initial public offering (IPO) on Tuesday, July 30, as per a company filing on the Bombay Stock Exchange (BSE).

The pharmaceutical manufacturing company allocated 1,22,05,912 (or 1.22 crore) equity shares at ₹679 per share to its anchor investors on Monday, July 29, according to the exchange filing.

Some of the top anchor investors in this round included SBI Healthcare Opportunities Fund, SBI Conservative Hybrid Fund, International Growth and Income Fund, Smallcap World Fund, Abu Dhabi Investment Authority, DSP India Fund, IIFL Asset Management Limited, BlackRock Emerging Frontiers Master Fund Limited, and BlackRock Global Funds – India Fund.

Out of the total 1.22 crore equity shares given to anchor investors, 41,75,208 shares (or 34.21 percent) were allocated to domestic mutual funds that applied through 24 schemes, according to the filing.

SBI Healthcare Opportunities Fund and SBI Conservative Hybrid Fund received the most equity share allocations, with 7.84 percent and 11.09 percent respectively.

ICICI Securities Limited, Axis Capital Limited, Citigroup Global Market India Private Limited, and Ambit Private Limited are the book runners for the public issue.

Akums Drugs and Pharmaceuticals IPO Details:

• Subscription Dates: The IPO will open for public subscription on Tuesday, July 30, and close on Thursday, August 1.
• Price Band: The price band for the IPO is set at ₹646 to ₹679 per equity share of face value ₹2 per share.
• Lot Size: The lot size is set at 22 equity shares and multiples of 22 equity shares.
• Use of Funds: The money raised from the IPO will be used to pay off the debts of Akums Drugs and its subsidiaries. The company also plans to use the funds for working capital requirements and growth initiatives.
• Listing Date: Akums Drugs and Pharmaceuticals Limited is likely to list on the stock exchanges on August 6.