The initial public offering of Akums Drugs and Pharmaceuticals saw a robust response from all category investors, especially from institutions. The IPO that opened on Tuesday and closed on Thursday was subscribed 63.56 times, overall.
The ₹1,856.74-crore IPO in a price band of ₹646-679, was a mix of fresh issue worth ₹680 crore and an offer-for-sale of ₹1,176.74 crore by the existing shareholders. While retail investors portion was subscribed 21.30 times, HNIs window received bid for 42.21 times and that of employees 4.27 times. The QIB was subscribed 90 times, as most institutions bid on the last day
A discount of ₹64 a share was offered to eligible employees.
Anchor investors
Akums Drugs and Pharmaceuticals has raised ₹828.8 crore from several anchor investors as part of the IPO. Prominent global investors such as Blackrock, Smallcap World Fund, Abu Dhabi Investment Authority, HSBC Global, Florida Retirement System, Carmignac Portfolio and Neuberger Berman Emerging Markets Equity Fund bought 33.5 lakh equity shares worth ₹227.5 crore in the anchor window.
Domestic MFs and institutions such as SBI Mutual Fund, International Growth Fund and Income Fund, Aditya Birla Sun Life Trustee, Franklin India, Templeton India, DSP India Fund, IIFL Asset Management, Tata Mutual Fund, Motilal Oswal Mutual Fund, Bandhan Mutual Fund, Edelweiss Trusteeship, PGIM India and JM Financial Mutual Fund also participated in the anchor book.
The company proposes to utilise net proceeds from the fresh issue towards repayment/prepayment of indebtedness of the company; repayment/prepayment of indebtedness of its subsidiaries namely, Maxcure Nutravedics Ltd and Pure and Cure Healthcare Pvt Ltd; funding incremental working capital requirements of the company; pursuing inorganic growth initiatives through acquisitions; and general corporate purposes.
