Innova Captab IPO subscribed 3.53 times on day two of offer

The initial public offer of integrated pharmaceutical company Innova Captab got subscribed 3.53 times on the second day of offer on Friday.The Rs 570 crore-initial share sale received bids for 3,20,55,177 shares against 90,78,010 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) received 5 times subscription while the quota for non-institutional investors got subscribed 3.26 times. The portion for Qualified Institutional Buyers (QIBs) received 1.08 times subscription.The Initial Public Offer (IPO) has a fresh issue of up to Rs 320 crore and an offer for sale of up to 55,80,357 equity shares.

Proceeds from fresh issuance worth Rs 144.40 crore will be utilised for payment of debt, Rs 23.60 crore for investment in the subsidiary, UML, Rs 72 crore for funding working capital requirements, besides, a portion will be used for general corporate purposes.

Innova Captab is an integrated pharmaceutical company with presence across the pharmaceuticals value chain, including research and development, manufacturing, drug distribution, marketing, and exports.ICICI Securities and JM Financial are the managers to the offer.