Shares of Valiant Laboratories are now trading at a 16% premium to their IPO price
On Friday, October 6, Valiant Laboratories’ shares were admitted to trading on Indian stock exchanges. In comparison to the IPO price of Rs 140, Valiant Laboratories’ share price debuted on the stock market with an almost 16% premium at Rs 162.15 per share on the NSE and Rs 161 per share.
The company’s shares had a 22 Rs. premium on the unlisted market prior to the listing. Investors responded well to the first public offering, with a subscription rate of 29.76 times.
The proceeds from the sale will be used to support working capital requirements, partly finance capital expenditures, and further a number of business goals.
Valiant Labs is a company that produces bulk drugs or active pharmaceutical ingredients (APIs), with a focus on producing Paracetamol as its main product. In order to create completed dosage forms or formulations, APIs are necessary raw components.
The business proposed using the net proceeds from the offering to partially finance its capital expenditures, meet working capital needs, and pursue other general corporate objectives.
The registrant for the offering was Link Intime India, and the only book-running lead manager was Unistone Capital.
In the fiscal year 2023, the company’s sales increased by 16% to Rs 339 crore, while its net profit increased slightly from Rs 27.4 crore to Rs 28.9 crore.
