Valiant Laboratories, a single-product Paracetamol manufacturer, marked a significant milestone with its initial public offering (IPO) being listed at a premium on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Friday. The company's IPO was open for subscription from September 27 to October 3.
The IPO saw an impressive subscription rate of 29.76 times on the fourth day of being open. Different investor categories, including Qualified Institutional Buyers (QIBs), non-institutional investors, and Retail Individual Investors subscribed 20.83, 73.64, and 16.06 times respectively, reflecting their readiness to pay above the issue price.
The IPO was launched with a price band of Rs 133-140 per share and a minimum lot size of 105 shares. Despite the absence of an offer for sale (OFS) component, Valiant Laboratories raised Rs 45.74 crore ($6.1 million) from anchor investors and plans a fresh issue of Rs 152.46 crore ($20.4 million).
The proceeds from the IPO are expected to support Valiant Advanced Synthesis Pvt Ltd (VASPL), a subsidiary of Valiant Laboratories, and fund a proposed new facility. Unistone Capital managed the IPO process while Link Intime India served as the registrar.
Despite operating in a competitive market with a single product portfolio, Valiant Laboratories has demonstrated robust growth with a compound annual growth rate (CAGR) of 35.3% during fiscal years 2021 to 2023.
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