Alkem Lab IPO oversubscribed 1.41 times on second day

MUMBAI: The initial public offering of Alkem Laboratories was oversubscribed 1.41 times on the second day of the offer today.

The Rs 1,350-crore IPO received bids for 1,27,74,230 shares against the total issue size of 90,87,084 shares, according to data available with the NSE till 1700 hours.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 2.33 times.

Retail investors category was also oversubscribed 1.28 times, while non-institutional investors saw 64 per cent subscription, data showed.

Alkem Laboratories has raised Rs 395 crore from anchor investors, including Abu Dhabi Investment Fund, by allotting shares at a price of Rs 1,050.

For the IPO, the company has fixed a price band of Rs 1,020-1,050. Through the initial share sale, which closes tomorrow, Alkem aims to raise up to Rs 1,350 crore.

The global coordinators and book running lead managers (GCBRLMs) to the issue are Nomura Financial Advisory and Securities (India), Axis Capital Ltd, JP Morgan India Pvt Ltd and Edelweiss Financial Services Ltd.

Alkem plans to expand its footprint internationally. It had a portfolio of 705 brands in the domestic market as on September 30.