So far, the stock has hit a high of 784.65 and a low of 724.50. On the BSE, over 6.26 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Akums Drugs and Pharmaceuticals was subscribed 63.56 times. The issue opened for bidding on 30 July 2024 and it closed on 1 August 2024. The price band of the IPO was fixed at Rs 646 to 679 per share.
The IPO comprised fresh issue of equity shares worth up to Rs 680 crore and an offer for sale of 1,73,30,435 equity shares, aggregating up to Rs 1,176.74 crore.
The objectives of the fresh issue are allocating Rs 387 crore for repaying or prepaying existing borrowings, Rs 55 crore to support increased working capital needs, and the remaining funds for general corporate purposes.
Ahead of the IPO, Akums Drugs and Pharmaceuticals on Monday, 29 July 2024, raised Rs 828.78 crore from anchor investors. The board allotted 1.22 crore shares at Rs 679 each to 50 anchor investors.
Akums Drugs and Pharmaceuticals is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
As a CDMO, the company produces an extensive range of dosage forms including tablets, capsules, liquid orals, vials, ampoules, blow-filled seals, topical preparations, eye drops, dry powder injections, and gummies, among others. The company had a market share of 30.2% of the Indian domestic CDMO market by value in FY 2024, up from 26.7% in FY 2021.
The firm reported a net loss of Rs 4.04 crore and sales of Rs 4,178.18 crore for the twelve months ended on 31 March 2024.
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