01 December, Mumbai
Alkem Laboratories Limited, one of the major pharmaceutical companies, has fixed the price band of its initial public offer (IPO) at Rs 1,020 to Rs 1,050 per share.
Addressing media persons here, its chairman B N Singh said that the company will come out with an IPO to the tune of 12,853,442 equity shares of secondary nature, with face value of Rs two, on December eight and will close on December 10.
He said that the company aims to raise Rs 1,300 crore at the lower price band and would garner Rs 1,350 crore at the higher price band.
He said that the minimum bid is for 14 equity shares and inmultiples of 14 equity shares thereafter.
The offer includes a reservation of up to 2,98,913 equityshares for subscription for eligible employees on competitive basis.
The offer without the employee reservation portion is hereinafter referred to as the ‘net offer’, he said and pointed that theoffer and the net offer will constitute up to 10.75 per cent and10.50 per cent, respectively.
Singh said that the company has recorded performace at the global level and informed that its five medicines are among the 50top products.
He said that in the domestic market, 71 per cent medicines are prescribed one.
Singh said the company has its presence in 65 countries,with primary focus on the United States market.
There are 480 scientists working in the company, he said and added that the company has more than 7,000 medical representatives.