Akums Pharma’s IPO to open on July 30, 2024

Akums Drugs and Pharmaceuticals shall open the Bid / Offer Period concerning its initial public offer of the Equity Shares on Tuesday, July 30, 2024.

The Offer comprises a fresh issue of such number of Equity Shares (face value ₹ 2 each) by the Company aggregating up to  ₹ 6,800 million (the Fresh Issue) and an offer for sale of up to 17,330,435 Equity Shares (Offered Shares) by certain existing shareholders of the Company (the Selling Shareholders). The Offered Shares comprise up to 1,512,000 Equity Shares by Sanjeev Jain, up to 1,512,000 Equity Shares by Sandeep Jain, (collectively, the Promoter Selling Shareholders) and up to 14,306,435 Equity Shares by Ruby QC Investment Holdings (The “Ruby QC or Investor Selling Shareholder) (such offer for sale of the Equity Shares by the Selling Shareholders, the Offer for Sale). Ruby QC is backed by Quadria Capital, a prominent healthcare-focused private equity fund in Asia.

This Offer includes a reservation of up to such number of Equity Shares aggregating up to ₹ 150.00 million (₹ 15.00 crore) for subscription by eligible employees.

The Anchor Investor Bid/Offer Period opens and closes on Monday, July 29, 2024. The Bid/Offer Period will open on Tuesday, July 30, 2024, for subscription and close on Thursday, August 1, 2024.

The Price Band of the Offer has been fixed at ₹ 646 to  ₹ 679 per Equity Share. Bids can be made for a minimum of 22 Equity Shares and in multiples of 22 Equity Shares thereafter. 

The Company proposes to utilise the Net Proceeds from the Fresh Issue of Equity Shares by the Company towards (i) Repayment/ prepayment of indebtedness of the Company; (ii) Repayment/ prepayment of indebtedness of its Subsidiaries namely, Maxcure Nutravedics and Pure and Cure Healthcare Private; (iii)Funding incremental working capital requirements of the Company; (iv) Pursuing inorganic growth initiatives through acquisitions; and (v) General corporate purposes. 

These Equity Shares are being offered through the Red Herring Prospectus of the Company dated July 24, 2024, filed with the Registrar of Companies, Delhi and Haryana at New Delhi. 

The Equity Shares to be offered through the Red Herring Prospectus are proposed to be listed on the stock exchanges (BSE and NSE). For the Offer, NSE is the Designated Stock Exchange. 

ICICI Securities, Axis Capital, Citigroup Global Markets India and Ambit are the book-running lead managers to the Offer (BRLMs).