Emcure Pharma receives SEBI nod to float IPO

Published On 2024-06-25 10:19 GMT   |   Update On 2024-07-16 16:04 GMT
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Emcure Pharmaceuticals, backed by Bain Capital has received approval from Securities and Exchange Board of India's (SEBI) to raise funds through initial public offering (IPO), according to information from the markets regulator. The Company, which filed its preliminary IPO papers with Sebi in December 2023, received observations on June 10, it added.

In Sebi's parlance, its observations means its go-ahead to float the public issue.
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Emcure Pharmaceuticals' IPO is a combination of fresh issuance of equity shares worth Rs 800 crore and an offer for sale (OFS) of 1.36 crore equity shares by promoters and existing shareholders, as per the draft red herring prospectus.
Those selling shares in the OFS include promoter Satish Mehta and investor BC Investments IV Ltd, an affiliate of US-based private equity major Bain Capital, as per a PTI report.
Currently, Satish Mehta holds a 41.92 per cent stake in the company and BC Investments owns a 13.09 per cent stake.
Proceeds of the fresh issue will be used towards payment of debt and for general corporate purposes.
Pune-based firm Emcure Pharmaceuticals is engaged in developing, manufacturing, and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.

The Company has established presence in all major therapeutic areas including Gynaecology, cardiology, blood-related, oncology, respiratory, CNS & HIV among others. Emcure has launched 6 Biologics in the Domestic Market & RoW markets & they are the domestic leader in three biologics.

With 350+ brands, five R&D centers and 13 manufacturing facilities established across the country, the Company has strong presence not just in India but also outside India with a wide network across 70+ countries. 

Read also: Sanofi India, Emcure Pharma forge exclusive partnership for cardiovascular product distribution

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Article Source : with inputs

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