Akums Drugs IPO Receives 14.41x Subscription On Day 3 So Far, Check GMP Today
Akums Drugs and Pharmaceuticals IPO: The initial public offering (IPO) of Akums Drugs and Pharmaceuticals Limited, which is going to be closed today, has received a decent response from investors. Till 1:29 pm on the final day of bidding on Thursday, the 1,856.74-crore IPO received a 14.41 times subscription, garnering bids for 21,84,64,070 shares as against 1,51,62,239 shares on offer.
According to the latest data, the retail quota received a 15.08 times subscription, while the non-institutional investors category got a 26.91 times subscription. The qualified institutional buyers (QIB) category received an 8.27 times subscription.
The Akums Drugs and Pharmaceuticals IPO was opened for public subscription on July 30. Its price band was fixed at Rs 646-Rs 679 apiece. The share allotment will likely be finalised on August 2, while its listing will take place on both BSE and NSE on August 6.
Akums Drugs and Pharmaceuticals IPO GMP Today
According to market observers, unlisted shares of Akums Drugs and Pharmaceuticals Ltd are trading Rs 170 higher in the grey market as compared with its issue price. The Rs 170 grey market premium or GMP means the grey market is expecting a 25.04 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
The 170 GMP is lower than the Rs 174 grey market premium recorded on Wednesday.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Akums Drugs and Pharmaceuticals IPO: Analysts’ Recommendations
Most analysts have granted a ‘Subscribe’ rating to the Akums Drugs and Pharmaceuticals IPO.
In its IPO note, brokerage firm Anand Rathi said Akum Drugs is the largest India-focused contract development and manufacturing organisation (CDMO) in terms of revenue, production capacity, and the number of clients served during the financial year 2023. Its client base comprises a wide variety of organizations, including pharmaceutical companies, nutraceutical firms, cosmo-derma businesses, wellness companies, e-commerce enterprises, healthcare providers, and both central and state government entities.
“The company’s put call liabilities for recent new contracts adjustments were mandated under GAAP measures due to the lack of additional funding support. Based on restated financial data, although the issue pricing seems aggressive, this perception changes if we exclude such accounting provisions,” it added
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