The scrip was listed at Rs 456.10, exhibiting a premium of 1.81% to the issue price.

So far, the stock has hit a high of 521 and a low of 452. On the BSE, over 8.12 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Innova Captab was subscribed 55.26 times.The issue opened for bidding on 21 December 2023 and it closed on 26 December 2023. The price band of the IPO was fixed at Rs 426-448 per share.

The offer consisted of a fresh issue of up to 71,42,857 equity shares and an offer for sale of up to 75,11,737 equity shares.

The company will not receive any proceeds from the offer. All the offer proceeds (net of any offer-related expenses to be borne by the selling shareholders) will be received by the respective selling shareholders, in proportion to the equity shares offered by them in the offer for sale.

The company proposes to utilize the net proceeds from the fresh issue towards repayment and/or prepayment in part or in full, of certain outstanding loans of the company amounting Rs 144.4 crore, investment in its subsidiary, UML, for repayment and/or prepayment in part or full of outstanding loans availed by UML amounting Rs 23.6 crore, funding working capital requirements amounting Rs 72 crore and balance towards general corporate purposes.

Promoter group selling shareholder Manoj Kumar Lohariwala post-issue shareholding shall decrease to 29.9% from 38.01% pre issue shareholding while Vinay Kumar Lohariwala post-issue shareholding shall decrease to 21.8% from 28.82% pre issue shareholding.

Innova Captab is an integrated pharmaceutical company in India, with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports. The company has three businesses: CDMO (contract development and manufacturing organization) services and products, domestic branded generics, and international branded generic.

The firm reported a net profit of Rs 17.59 crore and total income of Rs 233.24 crore for the six months ended on 30 September 2023.