Valiant Labs’ IPO to open on Sep 27

Pharmaceutical ingredient manufacturing firm Valiant Laboratories has decided to launch its initial share sale for public subscription on September 27.

The Initial Public Offering (IPO), which is an entirely fresh issuance of 1.08 crore equity shares with no offer for sale component, will be concluded on October 3, according to the red herring prospectus filed with Sebi on Friday. Further, bidding for anchor investors will open on September 26.

Proceeds of the issue will be utilised to set up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary - Valiant Advanced Sciences Private Ltd - and to meet the working capital requirements of the subsidiary company.

Valiant Laboratories is an active pharmaceutical ingredient or bulk drug manufacturing company with its focus on manufacturing paracetamol, which is used in the treatment of headache, muscle ache, arthritis, backache, toothache, cold and fever.