Anu's Labs IPO oversubscribed 8.43 times

The initial public offer of Anu's Laboratories has received good response and oversubscribed by 8.43 times. It has received bids for 3.22 crore shares as against issue size of 38.2 lakh shares.

Non-institutional investors have given strong support to the issue, their reserved portion subscribed 27 times followed by qualified institutional investors and retail investors, whose portion subscribed 3 times and 9.64 times, respectively.

It had opened for subscription between May 12 and May 15, 2008. The price band was between Rs 200 to Rs 210 per equity share.

Anu’s Laboratories is engaged in the manufacture of basic, advanced intermediates and fine chemicals and supplying them to various drug manufacturers.

In order to diversify and expand its business activities by means of forward integration, the Company has decided to expand its operations by setting up a new plant for manufacturing of drug intermediates including Active Pharmaceutical Ingredients (APIs) at Vishakhapatnam at an estimated cost of Rs 55.09 crores and setting up a pilot plant for carrying out Contract Research and Manufacturing (CRAM) at Vishakhapatnam at an estimated cost of Rs 8.34 crores. The long term working capital requirements would be Rs 16.67 crores. The company plans to meet the aforesaid objects by means of issue proceeds and internal accruals.

Almondz Global Securities Ltd, is the BRLM and Karvy Computershare Pvt Ltd is the Registrar for the Issue. The Equity shares are proposed to be listed on BSE.