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Indian drugmaker Laurus Labs' up to $198 mln IPO fully subscribed
December 8, 2016 / 8:18 AM / a year ago

Indian drugmaker Laurus Labs' up to $198 mln IPO fully subscribed

MUMBAI, Dec 8 (Reuters) - Indian generic drug maker Laurus Labs Ltd’s initial public offering of shares to raise up to 13.32 billion rupees ($197.58 million) was fully subscribed on the last day of the sale on Thursday, stock exchange data showed.

Laurus is selling up to 3 billion rupees in new shares and some its shareholders are selling about 24.1 million shares in a price range of 426 to 428 rupees per share.

Based in the southern Indian city of Visakhapatnam, Laurus makes active pharmaceutical ingredients (API), or drug raw materials, that go into the making a range of medicines, chiefly HIV/AIDS drugs. It has three production plants in India for exports to the United States and other countries.

Indian companies have raised $3.7 billion from IPOs so far this year, excluding the Laurus IPO, making 2016 the best year for initial share sales in six years, according to data compiled by Thomson Reuters. ($1 = 67.4149 Indian rupees) (Reporting by Zeba Siddiqui and Devidutta Tripathy in Mumbai; Editing by Subhranshu Sahu)

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