Valiant Laboratories IPO: The initial public offering of pharmaceutical ingredient manufacturing firm Valiant Laboratories, which opened on September 27, witnessed 2.17 times consolidated subscription till the end of the second day of bidding on Friday, September 29. The IPO received 76,23,030 bids as against 1,65,77,925 shares on offer.
The IPO will be allotted on October 5, 2023. The shares of the paracetamol manufacturer will be listed on October 9.
Valiant Laboratories IPO GMP Today
According to market observers, unlisted shares of Valiant Laboratories Ltd are currently trading Rs 15 higher in the grey market as compared to its issue price. The Rs 15 grey market premium or GMP is about 10.71 per cent higher than its upper issue price of Rs 140 per share. This means the grey market is expecting a 10.71 per cent listing gain from the public issue.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Valiant Laboratories IPO Details
The IPO was opened for public subscription on September 27, and will conclude on October 3. It is an entirely fresh issuance of up to 1.08 crore equity shares with no offer-for-sale component.
The price range for the offer is Rs 133-140 a share. Investors can bid for a minimum of 69 shares and in multiples thereof.
The proceeds of the issue will be utilised to set up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary — Valiant Advanced Sciences Private Ltd. — and to meet the working capital requirements of the subsidiary company.
Valiant Laboratories is an active pharmaceutical ingredient or bulk drug manufacturing company with its focus on manufacturing paracetamol, used in the treatment of headaches, muscle aches, arthritis, backache, toothache, cold and fever.
Unistone Capital is the manager to the offer.
Equity shares of the company will be listed on the BSE and the NSE.