- A discount of ₹ 64 per equity share is being offered to eligible employees bidding in the employee reservation portion.
- The bid /offer period will open on Tuesday, July 30, 2024 and close on Thursday, August 1, 2024
- The anchor investor bid/offer period opens and closes on Monday, July 29, 2024.
- Bids can be made for a minimum of 22 Equity Shares and in multiples of 22 Equity Shares thereafter.
NE BUSINESS BUREAU
AHMEDABAD, JULY 27
Akums Drugs and Pharmaceuticals Limited on Friday announced its IPO opens for bidding on Tuesday, July 30 and can be subscribed until Thursday, August 1. The price band has been set in the range of ₹646 to ₹679 per equity share of the face value of ₹2. The allocation to anchor investors for the Akums Drug IPO is scheduled to take place on Monday, July 29.
The Akums Drugs and Pharmaceuticals IPO lot size is 22 equity shares and in multiples of 22 equity shares thereafter.
Akums Drug IPO, which is worth ₹1,857 crore, comprises a fresh issue of ₹680 crore, and an offer-for-sale (OFS) of 17,330,435 equity shares by the promoters and other investors amounting to ₹1,176.74 crore, at the upper end of the price band..
Akums Drugs and Pharmaceuticals, Incorporated in 2004, is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas. The company is engaged in the manufacture and sale of branded drugs and active pharmaceutical ingredients (APIs).
The net proceeds from the issue shall be utilized towards repayment/prepayment of indebtedness of the company and its subsidiaries; funding incremental working capital requirements of the company; pursuing inorganic growth initiatives through acquisitions; and general corporate purposes.
Akums Drugs and Pharmaceuticals provides end-to-end solutions for product development and manufacturing as well as research and development (R&D) of formulations, preparation and submission of regulatory dossiers in the Indian and global markets and other testing services.
Akums Drugs and Pharmaceuticals manufactures a wide range of dosage forms, including tablets, capsules, liquid medicines, vials, ampoules, blow-filled closures, topical preparations, eye drops, dry powder injections and gummy bears, to name a few. The company has produced a total of 4,025 commercialized formulations in over 60 dosage forms.
Akums Drugs and Pharmaceuticals manufactured formulations for 26 of the top 30 pharmaceutical companies in India in terms of revenue in the financial year 2023. For its CDMO business, the company operates 10 manufacturing units with a cumulative production capacity of 49.21 billion units annually.
Akums Drugs and Pharmaceuticals reported a net loss of ₹154.75 crore with a revenue of ₹2,166.01 crore for the six months ended on September 30, 2023. The company clocked a net profit of ₹97.82 crore with a revenue of ₹3,700.93 crore in the financial year 2022-23.
Akums Drugs and Pharma has reserved shares worth Rs 15 crore for its eligible employees, who will get a discount of 64 per share. It has reserved 75 per cent of the net for the qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent of the net offer. Remaining 10 per cent of the net offer shall be allocated towards the retail investors.
ICICI Securities, Axis Bank, Citigroup Global Markets India and Ambit are the book running lead managers of the IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE.
