Parabolic Drugs IPO fully bid

Receives bids for 2.68 crore shares

The initial public offer of Parabolic Drugs was subscribed 1.01 times on the last day of the issue on Thursday, 17 June 2010. By 16:00 IST, the IPO received bids for 2.68 crore shares as compared to 2.66 crore shares on offer. The price band of the IPO was set at Rs 75-85 per share.



The bidding for the IPO for qualified institutional buyers (QIBs) had ended on Wednesday, 16 June 2010. For other investors, the issue closes today, 17 June 2010

The issue comprises sale 20.25 lakh equity shares by existing private equity investors BTS India and Alden Global (Mauritius). BTS India and Alden Global (Mauritius) have 19% and 4% stake respectively in Parabolic Drugs.

The funds raised from the issue will be used for capacity expansion at various manufacturing units. The company will also repay outstanding loans worth Rs 38.84 crore from the proceeds of the IPO.

The firm, which makes active pharmaceutical ingredients, plans to make an investment in its unit Parabolic Research Labs. The firm is also planning to set up a new custom synthesis and manufacturing site under the research unit. The site will have in all 12 laboratories.