Pharmaceutical company Innova Captab Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore and an offer for sale (OFS) of 96 lakh equity shares by promoters and other shareholders, according to the draft red herring prospectus (DRHP).
As part of the OFS, Manoj Kumar Lohariwala, Vinay Kumar Lohariwala and Gian Parkash Aggarwal will sell 32 lakh shares each.
At present, promoters -- Manoj and Vinay -- hold 39.66 per cent and 30.08 per cent stake, respectively, in the company, while Gian owns a 30.23 per cent holding in the pharma firm.
Besides, the company may consider pre-IPO placement of equity shares aggregating up to Rs 80 crore. If such a placement is undertaken, the size of the fresh issue will be reduced.
Of the Rs 400 crore proposed to be raised through fresh issuance of equity shares, Rs 180.5 crore will be used for payment of debt, Rs 29.5 crore will be utilised for payment of loans availed by its subsidiary, UML, and Rs 90 crore for funding working capital requirements.
Innova Captab is an integrated pharmaceutical company in India with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports.
The company's business includes providing research, product development and manufacturing services to Indian pharmaceutical firms, domestic branded generics as well as international branded generics businesses. It has two manufacturing facilities in Baddi, Himachal Pradesh.
ICICI Securities Limited and JM Financial Limited have been appointed as merchant bankers to manage the company's IPO.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app