December 8, 2016 / 8:24 AM / 10 months ago

Drugmaker Laurus Labs' up to $198 million IPO fully subscribed

MUMBAI (Reuters) - Indian generic drug maker Laurus Labs Ltd’s (LAUL.NS) 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 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 rupees)

Reporting by Zeba Siddiqui and Devidutta Tripathy in Mumbai; Editing by Subhranshu Sahu

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