Pharmaceutical firm Laurus Labs raised over Rs 395 crore by allotting shares to anchor investors. (Photographer: Dhiraj Singh/Bloomberg)

Laurus Labs Garners Rs 395 Crore From Anchor Investors Ahead Of IPO

Pharmaceutical firm Laurus Labs raised over Rs 395 crore by allotting shares to anchor investors, ahead of its initial public offer on Tuesday.

The anchor investors include Goldman Sachs India, Nomura Trust and Banking, SBI Mutual Fund, DSP BlackRock and ICICI Prudential Mutual Fund.

More than 92 lakh shares have been allotted to anchor investors at Rs 428 apiece, the higher end of the price band of the estimated Rs 1,332 crore IPO.

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 for the offer which closes on December 8. At the upper end of the price band, the firm can raise up to Rs 1,331.79 crore.

"The IPO Committee of the Board of Directors of the company at its meeting held on December 5, 2016 in consultation of the book running lead managers, have finalised allocation of 9,238,385 equity shares in aggregate to anchor investors at Rs 428 per equity share including share premium of Rs 418 per equity share," the company said in a media statement.

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.

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