Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
IPO News

| More

Innova Captab files DRHP with SEBI to raise funds via IPO

Posted On: 2022-06-30 08:37:13 (Time Zone: IST)


Innova Captab, 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 has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

The issue with a face value of Rs 10 per equity share consists of a fresh issue of equity shares worth up to Rs 400 crore and an offer-for-sale (OFS) up to 9,600,000 equity shares by Promoter and selling shareholders, which comprises of up to 3,200,000 by Manoj Kumar Lohariwala, up to 3,200,000 by Vinay Kumar Lohariwala (Promoter Selling Shareholders) and up to 3,200,000 by Gian Parkash Aggarwal (Other Selling Shareholders).

Market source estimate it to raise anywhere between Rs 700-900 cr.

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.

The company, in consultation with the lead bankers to the issue may consider a private placement or preferential issue of equity shares or any other method aggregating up to Rs 80 crore. If such placement is completed, the fresh issue size will be reduced.

The proceeds from its fresh issuance worth Rs. 180.50 crore will be utilised for repayment and/or prepayment, in part or in full, of certain outstanding loans, Rs 29.50 crore for investment in subsidiary, UML, for repayment and / or prepayment in part or full of an outstanding loan availed, Rs 90 crore for funding working capital requirements and for general corporate purposes.

The Haryana based drugmaker, in terms of operating revenue, was the second largest formulation CDMO in India in Fiscal 2021 and the third fastest growing formulation contract development and manufacturing organization ("CDMO") over the period Fiscal 2019 to Fiscal 2021. Its business includes contract development and manufacturing organization business providing manufacturing services to Indian pharmaceutical companies, domestic branded generics business and an international branded generics business.

According to a CRISIL report quoted in the DRHP, fourteen of the top fifteen largest Indian pharmaceutical companies in the domestic formulation market are its customer. For the nine months ended December 31, 2021, it had 164 CDMO customers, some of its key customers include Cipla Limited, Glenmark Pharmaceuticals Limited, Wockhardt Limited, Corona Remedies Private Limited, Emcure Pharmaceuticals Limited, Lupin Limited, Intas Pharmaceuticals Limited, Leeford Healthcare Limited, Medley Pharmaceuticals Limited, Cachet Pharmaceuticals Limited, Eris Healthcare Private Limited, Indoco Remedies Limited, J. B. Chemicals and Pharmaceuticals Limited, Oaknet Healthcare Private Limited, Zuventus Healthcare Limited, Ajanta Pharma Limited, Mankind Pharma Limited and Smart Laboratories Private Limited.

Its main competitors are Suven Pharmaceuticals Limited, Torrent Pharmaceuticals Limited, Ajanta Pharma Limited, Eris Lifesciences Limited, Indoco Remedies Limited, J. B. Chemicals and Pharmaceuticals Limited, Laurus Labs Limited, NATCO Pharma Limited and Windlas Biotech Limited.

Innova Captab has an extensive network of over 96,000 retail pharmacies and above 3,400 distributors and stockists, with a diverse generics product portfolio manufacturing in excess of 400 items and markets under its own brands in the Indian market and exports its branded generic products to 17 countries.

The company has two manufacturing facilities in Baddi, Himachal Pradesh and a new facility to come up in Jammu. Its facilities have good manufacturing practises ("GMP") certifications from the Himachal Pradesh Health and Family Welfare Department, in accordance with the format advised by the World Health Organization (the "WHO"), the GMP for medicines intended for the European Union market ("EU-GMP"), and Ethiopia.

The companies revenue from operations grew 10% to Rs 410.66 crore for Fiscal 2021 from Rs 373.32 crore for the same period last year, and profit after tax grew 23.70% to Rs 34.50 crore for Fiscal 2021 from Rs 27.89 crore for Fiscal 2020. For nine month ending December 2021, revenue from operations stood at Rs 584.12 crore and profit after tax at Rs 50.88 crore.

The Indian CDMO market grew at a CAGR of 14% from fiscal 2016 to fiscal 2020, and is expected to continue in the next five years from fiscal 2021 to fiscal 2026 on the back of strong growth sustained by the global pharmaceutical industry and rise in India's export potential, it is projected that the Indian CDMO market (including domestic and exports) to grow at a CAGR of approximately 14-16% from Rs. 1.01 trillion in fiscal 2021 to Rs. 2.0 to 2.05 trillion in fiscal 2026.

ICICI Securities Limited and JM Financial Limited are the book running lead managers and KFin Technologies Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

USFDA issues Form 483 for Glenmark Pharmaceuticals Ltd's Aurangabad facility

Concord Enviro System files DRHP to raise funds via IPO

Allied Blenders and Distillers files DRHP for Rs 2000 crore IPO

Noida-based India Exposition Mart gets Sebi nod for IPO

Artefact Projects Limited bags projects assignments with Fees of Rs. 30.72 crores

Delta Corp subsidiary Deltatech Gaming files its DRHP for Rs. 550 crore IPO

ASM Technologies Ltd recommends final dividend of Rs. 2.50

PayMate India files DRHP for IPO to raise Rs 1500 crore

Balaji Speciality Chemicals Ltd to raise funds through IPO

QIBs lead the way on final day for Aether Industries, Overall Issue subscribed 6.26 times

Shilpa Pharma Lifesciences Ltd to file for IPO

Aether Industries Ltd's IPO to open on May 24, 2022, sets price band at ?610 to ?642 per Equity Share

Strong retail demand for eMudhra IPO on Day 1

Ethos IPO fully subscribed on last day of bidding

eMudhra Ltd raises Rs 123.83 crore from anchor investors

Ethos IPO: Retail Book crosses halfway mark on Day 1, Subscribed 27% Overall

Ethos Limited IPO opens for subscription

eMudhra Limited's IPO to open on May 20, 2022, sets price band at ?243 to ?256 per Equity Share

Ethos Ltd raises Rs 141.69 crore from 9 anchor investors

Logistics Services Provider Pristine Logistics & Infraprojects files DRHP for IPO

Paradeep Phosphates Ltd IPO to open for subscription on May 17, 2022

LIC IPO - Day 5 - Overall Issue Subscribed 1.79 times; Policy holders' portion booked 5.04 times

LIC IPO - Day 4 - NII Segment fully subscribed, Overall Issue Subscribed 1.66 times

Venus Pipes & Tubes' IPO to open on May 11, sets price band at ? 310 to ? 326 per Equity Share

LIC IPO - Day 3 - Overall Issue Subscribed 1.38 times

Sanathan Textiles, Syrma SGS Technology, Aether Industries, 3 others get Sebi nod for IPO

LIC IPO to open on May 4, sets price band at ? 902 to ? 949 per Equity Share

Sah Polymers files DRHP with SEBI to raise funds via IPO

Kaynes Technology files DRHP with SEBI, to raise funds through IPO

Prasol Chemicals Limited files for Rs 800 crore IPO

Hariom Pipe Industries' IPO subscribed 7.93 times on Final Day, Retail portion booked 12.15 times

Hariom Pipe Industries' IPO subscribed 3.44 times on Day 4

Venus Pipes and Tubes Limited gets SEBI nod for IPO

Agro Chemical Co, Dharmaj Crop Guard gets SEBI nod for Rs 300 crore IPO

Hariom Pipe Industries' IPO subscribed 1.88 times on Day 3, Retail portion booked 4.66 times

Hariom Pipe Industries' IPO subscribed 1.48 times on Day 2, Retail portion booked 3.55 times

Hariom Pipe Industries' IPO subscribed 67% on Day 1, Retail portion fully subscribed

Hariom Pipe Industries Limited's IPO to open on March 30, 2022

Retail Jeweller Joyalukkas India files DRHP with SEBI to raise Rs 2,300 Crs via IPO

Nasdaq-listed Yatra Online Inc's Indian Subsidiary files DRHP for its IPO

Veranda Learning Solutions Limited IPO to open on March 29, 2022

Krishna Defence and Allied Industries Limited to launch Rs 11.89 crore SME IPO

Maini Precision Products Limited gets SEBI nod for Rs 900 crs IPO

Cool Caps Industries Limited IPO receives subscription of 7.5 times

Life Insurance Corporation of India and eMudhra gets Sebi nod for IPO

EbixCash files DRHP for IPO with SEBI, to raise Rs 6,000 crore

Hexagon Nutrition gets Sebi nod for Rs. 600 crore IPO

India Exposition Mart files DRHP for Rs 600 crore IPO

Suraj Estate Developers files for an IPO, to raise Rs 500 Crs

Elin Electronics gets SEBI's nod for Rs 760 crore IPO


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020