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Innova Captab makes flat start at Rs 456 against IPO price of Rs 448

The Rs 570-crore public issue of pharmaceutical company had received good response from investors with a subscription of 55.26 times during December 21-26. Qualified institutional buyers (QIBs) bought 116.73 times the portion set aside for them

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The promoters Manoj Kumar Lohariwala and his brother Vinay Kumar Lohariwala are diluting their stakes from 67% to 52%. Of the issue proceeds, ₹168 crore would be used toward debt repayment and ₹72 crore for working capital requirements.

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