Innova Captab receives approval to raise funds via IPO from SEBI

17 Jan 2023 , 01:58 PM

An integrated pharmaceutical company in India, Innova Captab has received nod from SEBI to raise funds through an initial public offer (IPO). The company offer various services including research and development, manufacturing, drug distribution and marketing and exports. 

The IPO will include fresh issue of equity shares worth up to Rs 400 crore and an offer for sale up to 9,600,000 equity shares by promoter and shareholders. The company may also 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.

As per DRHP, Innova Captab will use the net proceeds from the fresh issue to repay/ pre-pay outstanding loans, invest in subsidiary UML, fund working capital requirements and for other general corporate purposes.

The Haryana-based company is the third largest contract development and manufacturing organization (CDMO) over the period Fiscal 2019 to Fiscal 2021. The company also exports its generic products to 17 countries. It has a dedicated R&D laboratory and pilot equipment located at our manufacturing facility in Baddi, Himachal Pradesh, which is recognized by Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India (DSIR).

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 of the company are proposed to be listed on BSE and NSE.