Valiant Laboratories IPO: Firm mobilises ₹45 crore from anchor investors ahead of issue

livemint.com:

Valiant Laboratories IPO: Valiant Laboratories has raised ₹45.74 crore from anchor investors a day ahead of its IPO subscription opening for bidding. Valiant Laboratories initial public offering (IPO) will open for subscription on Wednesday, September 27 and close on Tuesday, October 3.

The paracetamol manufacturer has fixed the price band at ₹133 to ₹140 per equity share for the public issue. Leading Light Fund VCC - The Triumph Fund - bought shares worth ₹20 crore - the highest among all anchor investors of the issue.

Additionally, Saint Capital Fund, Astorne Captal VCC - Arven, and Negen Undiscovered Value Fund were also among the anchor investors. Valiant Laboratories is promoted by Shantilal Shivji Vora, Santosh Shantilal Vora and Dhanvallabh Ventures LLP.
Valiant IPO, which is worth ₹152.46 crores, is completely a fresh issue of 10,890,000 equity share; there is no offer for sale (OFS) component.

Bids can be made for a minimum of 105 equity shares and in multiples of 105 equity shares thereafter. The company plans to use the net proceeds from the offering to fund some of its objectives which are as follows: -An investment in Valiant Advanced Sciences Private Limited (VASPL), a wholly owned subsidiary, to partially fund its capital expenditure needs in connection with the establishment of a manufacturing facility for specialty chemicals at Saykha Industrial Area, Bharuch, Bharuch, Gujarat (proposed facility) -An investment in VASPL to fund its working capital requirements; and to meet general corporate purposes.