Valiant Laboratories IPO: The IPO of Valiant Laboratories, a manufacturer of pharmaceutical ingredients, which opened on September 27, saw a consolidated subscription of 2.17 times until the end of the second day of bidding on Friday, September 29. The IPO received 76,23,030 bids against 1.65. 77,925 shares offered.
The IPO will take place on October 5, 2023. The shares of the paracetamol manufacturer will go public on October 9.
Valiant Laboratories IPO GMP today
According to market observers, unlisted shares of Valiant Laboratories Ltd are currently trading Rs 15 higher on the gray market compared to the issue price. The gray market premium or GMP of Rs 15 is about 10.71 percent higher than the highest issue price of Rs 140 per share. This means that the gray market expects a stock market gain of 10.71 percent from the public issue.
The ‘gray market premium’ indicates that investors are willing to pay more than the issue price.
Valiant Laboratories IPO details
The IPO opened for public subscription on September 27 and will close on October 3. It is a brand new issue of shares of up to Rs 1.08 crore without an offer-for-sale component.
The price band for the offer is Rs 133-140 per share. Investors can bid on a minimum of 69 shares and in multiples thereof.
The proceeds from the issue will be used to set up a specialty chemicals manufacturing facility in Gujarat through its subsidiary Valiant Advanced Sciences Private Ltd. and to meet the working capital needs of the subsidiary.
Valiant Laboratories is an active pharmaceutical ingredient or bulk drug company that focuses on the production of paracetamol, which is used in the treatment of headaches, muscle pain, arthritis, back pain, toothache, colds and fever.
Unistone Capital is the manager of the offer.
Shares of the company will be listed on the BSE and NSE.