Akums Drugs Sets Rs 646-Rs 679 Price Band For IPO

Mumbai: Haridwar, Uttarakhand based Akums Drugs and Pharmaceuticals, a contract development and manufacturing organisation (CDMO) announced initial public offering of equity shares aggregating to Rs 1,856.73 crore opening on July 30, 2024.The public offer will close on August 1, 2024.

The price band for the IPO has been set at Rs 646 to Rs 679 per equity share of Rs 2 face value.

Akums is a pharmaceutical CDMO offering a comprehensive range of pharmaceutical products and services in

India and overseas. The company is also engaged in the sale of branded pharmaceutical formulations and

manufacturing of active pharmaceutical ingredients. Akums 12 manufacturing facilities are located in Haridwar, Uttarakhand(10) and Badi, Himachal Pradesh(2).

Akums reported revenue of Rs 4,212 crore in FY24 and ranks 25 th in pharmaceutical CDMO business globally.

Akums Drugs public issue comprises of a fresh issue of equity shares worth Rs 680 crore and an offer for sale of over 1.73 crore equity shares by promoter(Sanjeev Jain and Sandeep Jain) and investor (Ruby QC Investment Holdings) selling shareholders.

Net proceeds from fresh issue will be used towards payment of debt, funding incremental working capital requirements and pursuing inorganic growth initiatives.