Valiant Laboratories IPO sees 23% subscription on first day By Investing.com

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Valiant Laboratories IPO sees 23% subscription on first day

Published Sep 27, 2023 17:24

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Valiant Laboratories IPO sees 23% subscription on first day

Valiant Laboratories, a Paracetamol manufacturer, launched its initial public offering (IPO) today, Wednesday, attracting bids for 17.6 lakh equity shares. This represents a 23% subscription of the total shares offered on the first day of bidding.

Retail investors secured a significant portion of the reserved shares, accounting for 44% of the initial allocation. High-net-worth individuals also participated, purchasing 5% of the reserved shares. However, qualified institutional buyers have yet to participate in the bidding process.

In addition to individual investors, anchor investors purchased INR 45.74 crore worth of shares from Valiant Laboratories on the day of the IPO launch.

The company has set a price range of INR 133-140 per share for its IPO, with an aim to raise INR 152.46 crore. Part of these proceeds will be allocated to its subsidiary VASPL and promoter Dhanvallabh Ventures LLP.

The IPO marks an important milestone for Valiant Laboratories as it seeks to expand its operations and increase its market presence. The participation of retail and high-net-worth investors on the first day of bidding indicates a promising start for the company's public trading journey.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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