Valiant Laboratories fixes price band of Rs 133-140 for its IPO
Valiant Laboratories has set a price band of Rs 133-140 for its maiden public offer, which opens for subscription on September 27. The issue closes on October 3.
At the upper price band, the company plans to raise Rs 152 crore.
Investors can bid for a minimum of 105 shares in one lot and in multiples thereof.
Valiant Labs is an active pharmaceutical ingredient (API)/bulk drug manufacturing company with a focus on producing Paracetamol.
APIs serve as raw materials for manufacturing finished dosage forms or formulations. Paracetamol is one of the most commonly taken analgesics worldwide and is recommended as the first-line therapy in pain conditions by the World Health Organization (WHO).
The company's IPO is completely a fresh equity issue of Rs 1.08 crore shares.
About 50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and the rest 35% for retail investors.
The pharmaceutical API industry in India is ranked third-largest globally in terms of volume.
It is expected to clock a CAGR of 5-7% between fiscal 2023 and 2027, largely driven by the demand from domestic formulation manufacturers as well as export markets.
Net proceeds from the issue will be utilised towards part-financing its capex, funding working capital requirements and other general corporate purposes.
The company's revenues grew 16% to Rs 339 crore in the fiscal year 2023, while net profit was marginally higher at Rs 28.9 crore, compared with Rs 27.4 crore a year ago.
Unistone Capital is the sole book running lead manager to the issue and Link Intime India is the registrar.
Valiant has set a T+3 timeline for the listing of shares, which will be October 9. The finalisation of share allotment will likely be
