New Delhi, Dec 26 (PTI) The Initial Public Offer (IPO) of integrated pharmaceutical company Innova Captab received 55.26 times subscription on the last day of bidding on Tuesday.

The Rs 570 crore initial share sale got bids for 50,16,67,683 shares against 90,78,010 shares on offer, according to NSE data.

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The portion for Qualified Institutional Buyers (QIBs) fetched 116.73 times subscriptions while the quota for non-institutional investors got subscribed 64.94 times. The category for Retail Individual Investors (RIIs) received 17.15 times subscription.

The initial public offer had a fresh issue size of equity shares of up to Rs 320 crore and an offer for sale up to 5,580,357 equity shares.

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The price range for the offer was Rs 426-448 a share.

Proceeds from fresh issuance worth Rs 144.40 crore will be utilised for payment of debt, Rs 23.60 crore for investment in the subsidiary, UML, Rs 72 crore for funding working capital requirements, besides, a portion will be used for general corporate purposes.

Innova Captab is an integrated pharmaceutical company with a presence across the pharmaceuticals value chain, including research and development, manufacturing, drug distribution, marketing, and exports.

ICICI Securities and JM Financial were the managers of the offer.

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