Reported By: Mohammad Haris
Last Updated: September 29, 2023, 08:10 IST
Valiant Laboratories IPO: GMP, Price, Subscription, all you need to know.
Valiant Laboratories IPO: The initial public offering (IPO) of pharmaceutical ingredient manufacturing firm Valiant Laboratories, which will conclude today, Friday, September 29, was subscribed 71 per cent on the second day of bidding on Thursday. The Rs 152.46-crore IPO received bids for 54,25,770 shares against 76,23,030 units on offer.
The category for retail individual investors (RIIs) was subscribed 1.27 times, while the quota for non-institutional investors received 29 per cent subscription. The portion for qualified institutional buyers (QIBs) was subscribed 5 per cent.
Valiant Laboratories IPO GMP Today
According to market observers, unlisted shares of Valiant Laboratories Ltd remain Rs 17 higher in the grey market as compared to its issue price. The Rs 17 grey market premium or GMP is about 12.14 per cent higher than its upper issue price of Rs 140 per share. This means the grey market is expecting a 12.14 per cent listing gain from the public issue.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Valiant Laboratories IPO Details
The IPO was opened for public subscription on September 27, and will conclude today. It is an entirely fresh issuance of up to 1.08 crore equity shares with no offer-for-sale component.
The price range for the offer is Rs 133-140 a share. Investors can bid for a minimum of 69 shares and in multiples thereof.
The proceeds of the issue will be utilised to set up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary — Valiant Advanced Sciences Private Ltd. — and to meet the working capital requirements of the subsidiary company.
Valiant Laboratories is an active pharmaceutical ingredient or bulk drug manufacturing company with its focus on manufacturing paracetamol, used in the treatment of headaches, muscle aches, arthritis, backache, toothache, cold and fever.
Unistone Capital is the manager to the offer.
Equity shares of the company will be listed on the BSE and the NSE.
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