Akums Drugs and Pharmaceuticals Limited made its stock market debut with a modest 7% premium on the National Stock Exchange (NSE). The shares opened at ₹725, reflecting a 6.77% increase over the issue price of ₹679. On the Bombay Stock Exchange (BSE), the shares also started trading at ₹725.
The company set the IPO price band between ₹646 and ₹679 per equity share, raising a total of ₹1,856.74 crore. The initial public offering comprised 27,368,151 equity shares, aggregating to ₹18,567.37 million. This included a fresh issue of 10,037,716 equity shares worth ₹6,800 million and an offer for sale of 17,330,435 equity shares totaling ₹11,767.37 million, with the latter being sold by the company’s promoters and Ruby QC Investment Holdings Pte. Ltd. (Quadria Capital).
The IPO, which opened on July 30, 2024, and closed on August 1, 2024, was oversubscribed nearly 63 times, with the qualified institutional buyers’ segment seeing over 90 times subscription.
Axis Capital, ICICI Securities, Citigroup Global Markets India, and Ambit served as the book-running lead managers for the IPO, while Link Intime India was the registrar.
Cyril Amarchand Mangaldas acted as the legal counsel to Akums for this IPO. The legal team included Tyash J. Ashar, Gokul Rajan, Nayan Jain, Chinar Gupta, Rajshree Agarwal, Shreya Jain, Waleed Nazir Latoo, Vatsala Parashar, and Tara Thakur.
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