Akums Drugs and Pharmaceuticals is scheduled to finalize the basis of allotment of its shares on Friday, August 02. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate over the weekend or latest by Monday, August 05. The IPO of pharma player had received a decent response from the investors.
The IPO of Akums Drugs & Pharma ran between July 30 and August 01. The company had offered its shares in the fixed price band of Rs 646-679 per share with a lot size of 22 shares. The company raised a total of Rs 1,856.74 crore from its IPO, which was entirely a fresh share sale of up to Rs 680 crore and an offer-for-sale (OFS) up to 1,73,30,435 equity shares.
The issue was overall subscribed a total of 63.56 times. The quota for qualified institutional bidders (QIBs) was booked a solid 90.09 times The quota for non-institutional investors was subscribed 42.21 times. The portions reserved for retail investors and employees saw bidding for 21.30 times and 4.27 times during the three-day bidding process.
Grey market premium (GMP) of Akums Drugs & Pharma has seen a sharp correction after a muted response from the investors. Last heard, the company was commanding a premium of Rs 140-145 per share, suggesting a listing pop of around 21 per cent for the investors. However, it was around Rs 210-215 when the issue opened for bidding.
Akums Drugs and Pharma is a pharmaceutical contract development and manufacturing organization (CDMO) which offers a comprehensive range of pharma products and services in India and overseas. It is engaged in the manufacture and sale of branded drugs and active pharmaceutical ingredients (APIs).
Brokerage firms were mostly positive on the issue, suggesting investors to subscribe to it for a long term on the back of experience management, strong business model, growth potential, reasonable valuations and solid leadership in the domestic markets. However, they were skeptical of low margins, regulatory scrutiny and financials of the API business.
ICICI Securities, Citigroup Global Markets India, Axis Bank and Ambit are the book running lead managers of the Akums Drugs and Pharmaceuticals IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE, with August 06, Tuesday.
Investors, who had bid for the issue of Akum Drugs & Pharma, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Akum Drugs & Pharmaceuticals Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit search button
Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.
1) Go to the web portal of Link Intime Limited
2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.