Valiant Laboratories, a subsidiary of Valiant Organics, is set to open its Initial Public Offering (IPO) on September 27, as indicated in the filing by its parent company, Valiant Organics.
The IPO will involve the issuance of 1.08 crore fresh shares and is scheduled to conclude on October 3, 2023. Valiant Laboratories submitted its Red Herring Prospectus (RHP) to SEBI on September 18. The anchor investor bid period for this IPO will commence on September 26.
Valiant Laboratories plans to utilize the funds raised from the IPO for the establishment of a manufacturing unit in Gujarat, operated by its subsidiary, aimed at producing specialty chemicals, including ketene and diketene derivative products. These chemicals find applications in the pharmaceutical and agrochemical industries. Valiant Laboratories, founded in 1980, primarily focuses on manufacturing active pharmaceutical ingredients (API), with a specialization in paracetamol.
The company’s promoters are Dhanvallab Ventures LLP and Shantilal Vora, while Unistone Capital serves as the sole book-running lead manager for the IPO. The proposed IPO will comprise a fresh issue of 11,556,000 equity shares with a face value of Rs 10 each, making the total IPO size range between Rs 175 crore to Rs 200 crore.
