Innova Captab IPO opens today; details

The Initial Public Offering (IPO) of the Innova Captab Limited opens for public subscription on 21st December 2023 and will close on 26th December 2023. Offered through book-building process, the Rs 570 crore IPO of Innova Captab Limited comprises of a fresh issue of 0.71 crore shares worth Rs 320 crore and an offer-for-sale of 0.56 crore shares worth Rs 250 crore. The price band of the issue has been set at Rs 426 to Rs 448 per share at a face value of Rs 10 per share. The company aims to list on the primary stock exchanges BSE and NSE on 29th December 2023 according to its RHP document filed with SEBI.

About Company

The integrated pharmaceutical company was established in 2006 and now has a solid presence across the Indian pharmaceutical value chain including research & development, manufacturing, drug distribution and exports. The company’s operations include Contract Development and Manufacturing Organization (CDMO) catering to Indian pharmaceutical firms, a domestic market for branded generics, and an international market for branded generics. Manoj Kumar Lohariwala and Vinay Kumar Lohariwala are the promoters of the company.

The company proposes to utilise the net proceeds from the IPO towards repayment of outstanding loans including that of its subsidiary and UML, investment in subsidiary and UML, funding the working capital requirements and meeting general corporate expenses.

IPO Details

ICICI Securities Limited and JM Financial Limited are the book running lead managers whereas Kfin Technologies Limited is the registrar for this IPO.

• The total issue size consists of 1,27,23,214 shares aggregating up to Rs 570 crore.
• Fresh issue consists of 71,42,857 shares aggregating up to Rs 320 crore.
• Offer for sale consists of 55,80,357 shares aggregating up to Rs 250 crore.
• The face value of each share is Rs 10.
• The price band is set in the range of Rs 426 to Rs 448.
• The lot size is of 33 shares. The investors can bid for a minimum of 33 shares and in the multiples of 33 shares thereafter.
• Retail investors can bid for a maximum of 13 lots i.e., 429 shares. The small NIIs can bid for a minimum of 14 lots and maximum of 67 lots. The big NIIs can bid for minimum 68 lots.
• The investment per lot when calculated at upper price band is Rs 14,784.
• The IPO reserves a maximum 50% of the net issue for the QIBs. Retail category reservation is minimum 35% and NIIs category reservation is minimum 15%.

Important dates

The all events related to the Innova Captab IPO will take place between 21st December to 29th December.

• The issue will open for subscription on 21st December and will close on 26th December 2023. The cut-off time for UPI mandate is 5 pm on 26th December.
• The basis of allotment will be finalised on 27th December 2023.
• The refunds as well as credit of shares will take place on 28th December 2023.
• The company will be listed on the NSE and BSE on 29th December 2023.

Company Financials

The company’s net revenue increased 15.72% to Rs 926.38 crore in FY23 from Rs 800.53 crore in FY22. The profit after tax rose 6.26% to Rs 67.95 crore in FY23 from 63.95 crore in FY22.

Note: Refer to the Innova Captab Limited’s official RHP document at SEBI’s website for details.