Laurus Labs' IPO gets fully subscribed

Pharmaceutical firm Laurus Labs initial public offering (IPO) was fully subscribed on Thursday afternoon, the final day of the bidding. 

The IPO received bids for 2,26,84,270 shares as against total issue size of 2,19,11,308 scrips, garnering a subscription of 1.04 times as per NSE data till 1300 hours. 

Till Wednesday, retail investor portion was subscribed 39 per cent, while the quota reserved for qualified institutional buyers (QIBs) and non-institutional investors got subscribed 1.02 times and 54 per cent respectively. 

Laurus Labs on Monday, raised over Rs 395 crore by allotting shares to anchor investors. The IPO opened for subscription on December 6 and closes on Dec 8. 

The IPO entails little over 2.41 crore shares under offer for sale route and fresh issue worth up to Rs 300 crore. The price band has been fixed at Rs 426-428. At the upper end of the price band, the firm can raise up to Rs 1,331.79 crore.

The Hyderabad-based firm plans to utilise the net proceeds from the fresh issue towards pre-payment of term loans and general corporate purposes. Kotak Mahindra Capital Company Ltd, Citigroup Global Markets India, Jefferies India and SBI Capital Markets are managing the offer.