Innova Captab IPO allotment: Check application status, latest GMP and listing date

Innova Captab is scheduled to announce the basis of allotment of its shares most likely on Wednesday, December 27. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate by Thursday, December 28. The primary offering of the pharmaceutical company had received a strong response from the investors in the last few hours.

Innova Captab sold its IPO in the price band of Rs 426-448 per share with a lot size of 33 shares, which was open for bidding between December 21 to December 26. The company aimed to raise a little more than 570 crore from its primary offering, which included a fresh share sale of Rs 320 crore and an offer for sale (OFS) of up to 55,80,357 equity shares.

The issue was overall subscribed 55.26 times, thanks to strong bidding from qualified institutional bidders (QIBs), whose quota was booked a stellar 116.73 times. The category allocation for non-institutional investors was subscribed 64.95 times. The quota reserved for retail investors was subscribed 17.15 times during the bidding process.

Grey market premium (GMP) of Innova Captab has taken a hit following dull performance by the six debutants of this week. Last heard, the company was commanding a premium of Rs 115-120 per share, suggesting a listing pop of 25-27 per cent for the investors. However, it was around Rs 160, during the three-day bidding process for the issue.

Incorporated in January 2005, Innova Captab is a pharmaceutical company operating in three business segments. It provides contract development and manufacturing services to Indian pharmaceutical companies, along with having a domestic business dealing in branded generics.

Innova Captab has an international business that deals in branded generics. with its product portfolio includes tablets, capsules, dry syrups, dry powder injections, ointments and liquid medicines. The company produced and sold more than 600 different types of generics as of June 30, 2023.

Brokerage firms were mostly positive on the issue of Innova Captab and suggested subscribing to it on the back of its growing business, strong relation with domestic and international clients, efficient operations and sound R&D facility. However, aggressive pricing and stiff competition remained major challenges for the company, as per the analysts tracking the stock.

ICICI Securities and JM Financial are the book running lead managers of the Innova Captab IPO, while Kfin Technologies is the registrar for the issue. Shares of the company will be listed on both BSE and NSE, with December 29, Friday, as the tentative date of listing.

Investors, who bid for the issue of Innova Captab, can check the allotment status on the BSE website's IPO application check page. Check-in equity, under the issue type and select Innova Captab Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at 'I am not a Robot' before hitting the submit button.

Allotment status can also be checked through the online portal of Kfin Technologies, the registrar to the issue. Visit the web portal of Kfin Tech and select the IPO of Innova Captab in the dropbox. Enter the either PAN Card number, Application Number or DP Client ID as selected tab and hit 'search' to get the allotment status for your application.

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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.