New Delhi, Sep 27 (PTI) The Initial Public Offering (IPO) of pharmaceutical ingredient manufacturing firm Valiant Laboratories was subscribed 33 per cent on the first day of subscription on Wednesday.

The initial share sale received bids for 24,81,045 shares against 76,23,030 shares on offer, as per data available with the NSE.

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The portion for retail individual investors was subscribed 61 per cent while the category for non-institutional investors received 10 per cent subscription.

The IPO is an entirely fresh issuance of up to 1.08 crore equity shares with no offer for sale component.

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The price range for the offer is at Rs 133-140 per share.

Proceeds of the issue will be utilised to set up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary -- Valiant Advanced Sciences Private Ltd -- and to meet the working capital requirements of the subsidiary company.

Valiant Laboratories is an active pharmaceutical ingredient or bulk drug manufacturing company with its focus on manufacturing paracetamol, which is used in the treatment of headache, muscle ache, arthritis, backache, toothache, cold and fever.

Unistone Capital is the manager to the offer.

Equity shares of the company will be listed on the BSE and the NSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)