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Pharmaceutical company will bring Rs 900 crore IPO, submit documents to SEBI

Photo:FILE

IPO

medicine Company Innova Captab Limited has submitted preliminary documents with the Securities and Exchange Board of India (SEBI) to raise Rs 900 crore through an initial public offering (IPO). According to the documents, fresh equity shares of up to Rs 400 crore will be issued in the proposed IPO. Offer for sale (OFS) of 96 lakh equity shares will be brought by the promoters and other shareholders of the company.

So many lakh shares will be sold

Under the OFS, Manoj Kumar Lohariwala, Vinay Kumar Lohariwala and Gyan Prakash Agarwal will sell 32 lakh shares each. Presently, promoters Manoj and Vinay hold 39.66 per cent and 30.08 per cent respectively in the company, while Gyan Prakash holds 30.23 per cent in the pharma firm. In addition, the company may consider pre-IPO placement of up to Rs 80 crore. If this were the case, the size of the new issue would decrease. According to market sources, the initial share sale is expected to garner between Rs 700 crore and Rs 900 crore.

Not a single IPO came in June

In view of the volatility in the stock market, not a single company’s IPO has come in the month of June. The mood of the stock market has worsened due to the war of Russia and Ukraine, rising inflation and selling of investors. Due to this the market continues to fall. In view of this, companies planning to bring IPO have put their planning in cold storage. In the first four months of 2022, more than 10 companies had applied for IPO every month with SEBI.

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