Akums Drugs’ IPO opens on July 30

New Delhi: Akum Drugs and Pharmaceuticals Ltd on Thursday said it has fixed a price band of Rs 646 to Rs 679 per share for raising Rs 1,857 crore through an initial public offering (IPO).The initial share-sale will open for public subscription on July 30 and conclude on August 1 and the bidding for anchor investors will open for a day on July 29, the company announced.

The company’s IPO is a combination of fresh issue of equity shares worth Rs 680 crore and an offer-for-sale (OFS) of 1.73 crore shares valued Rs 1,177 crore, at the upper-end of the price band, by promoters and an existing investor. Those selling shares in the OFS are Sanjeev Jain, Sandeep Jain and Ruby QC Investment Holdings Pte Ltd.