- The company plans to raise up to Rs 300 crore through a fresh issue of shares and offer for sale of up to 8.94 million shares by its current promoter, Snehal Ravjibhai Patel.
NE BUSINESS BUREAU
AHMEDABAD, MAR 30
SPC Life Sciences Limited, one of India’s leading manufacturers of advanced intermediates for certain key active pharmaceutical ingredients (APIs), has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).
The company plans to raise up to Rs 300 crore through a fresh issue of shares and an offer for sale of up to 8.94 million shares by its current promoter, Snehal Ravjibhai Patel. Presently, Patel holds a 98.18 percent stake in the company. The face value of equity share is Rs 10 each.
The company may consider a pre-IPO placement aggregating up to Rs 60 crore and if such a placement is completed, then the fresh issue size will be reduced.
The funds raised from the fresh issue, amounting to Rs 55 crore, will be utilized for the purpose of debt repayment, funding of capital expenditure requirements of the company towards setting up Phase – 2 at Dahej facility to expand its product offerings of pharmaceutical intermediates amounting to be Rs 122.32 crore, Rs 40 crore will be allocated for meeting the company’s working capital requirements and the balance amount towards general corporate purposes.
Equipped with a US FDA approved facility for 6-Chloro-Hexane-2-One, the company can develop pharma intermediates and work with pharmaceutical companies who seek US FDA compliant manufacturing facilities as a part of their supply chain.
Ambit Private Limited and HDFC Bank Limited are the Book Running Lead Managers to the IPO issue.
The advanced pharmaceutical intermediates manufactured by the company are used in certain growing therapeutic areas including cardiovascular, vasodilator (anti-platelet), anti-psychotic and anti-depressants, with significant market share both in India and globally for some of the products.
