Akums Drugs IPO Sees Staggering 4.43 Times Subscription on Second Day

Akums Drugs and Pharmaceuticals' IPO experienced 4.43 times subscription on Wed, with retail individual investors showing the highest interest. The Rs 1,875-crore offer, closing on Thursday, aims to raise funds for debt repayment, acquisitions, and general corporate purposes. The company's market cap post-issue is pegged at Rs 10,697 crore.

Akums Drugs and Pharmaceuticals’ initial public offering (IPO) witnessed an overwhelming response on its second day, receiving 4.43 times the subscription.

According to NSE data, the IPO, valued at Rs 1,875 crore, garnered bids for 6,71,69,960 shares against the 1,51,62,239 shares on offer.

The subscription window closes on Thursday. Retail Individual Investors (RIIs) led the rush with 8.98 times subscription, while Non-Institutional Investors' part was subscribed 8.48 times. The Qualified Institutional Buyers (QIBs) part received 96% subscription.

The IPO comprises a fresh equity issue worth Rs 680 crore and an offer-for-sale (OFS) of 1.73 crore shares estimated at Rs 1,177 crore at the upper price band, sold by promoters and Ruby QC Investment Holdings Pte Ltd.

Priced between Rs 646 to Rs 679 per share, Akums has collected Rs 829 crore from anchor investors.

The proceeds will help repay debt, meet working capital needs, and fund acquisitions and other corporate activities.

Founded in 2004, Akums serves renowned clients like Alembic Pharmaceuticals and Sun Pharmaceutical Industries.

ICICI Securities, Axis Capital, Citigroup Global Markets India, and Ambit Pvt Ltd are leading the issue. Akums' shares will be listed on BSE and NSE.