SPC Life Sciences gets green signal from SEBI to float IPO

3 Jul 2023 , 03:13 PM

SPC Life Sciences Ltd, a pharmaceutical ingredient company has received SEBI’s approval to raise funds from initial public offer (IPO). The issue consists fresh issuance of equity shares worth Rs 300 crore and an Offer For Sale (OFS) of 89.39 lakh equity shares by promoter, Snehal Rajivbhai Patel as per DRHP.

The pharmaceutical company, which submitted its draft papers to the markets regulator in March, has received an observations letter from the Securities and Exchange Board of India (SEBI) on June 30, indicating approval for its proposed initial public offering (IPO). 

As part of its IPO plans, the company is considering a pre-IPO placement of up to Rs 60 crore. If this placement is successfully completed, it will result in a reduction in the size of the fresh issue.

According to the company’s draft papers, the funds raised from the fresh issue will be utilized for several purposes. These include debt repayment, supporting working capital requirements, funding capital expenditure for the establishment of Phase-2 at its Dahej facility to expand the range of pharmaceutical intermediates, and meeting general corporate expenses.

SPC Life Sciences, based in Gujarat, is a prominent manufacturer of advanced intermediates for important active pharmaceutical ingredients (APIs). These advanced pharmaceutical intermediates play a crucial role in various therapeutic areas, including cardiovascular treatments, vasodilators (anti-platelet medications), anti-psychotic drugs, and anti-depressants.

In addition to SPC Life Sciences, Ratnaveer Precision Engineering Ltd has also received approval from SEBI to proceed with its initial public offering (IPO).