Emcure Pharma receives SEBI nod to float IPO

Written by Ruchika Sharma Published On 2024-06-25T15:49:13+05:30 | Updated On 16 July 2024 9:34 PM IST

Emcure Pharma receives SEBI nod to float IPO

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.

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.

Read also: Emcure Pharma aims to raise USD 400- USD 500 million from IPO planned for next year

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.

Read also: Nephro Care India plans to raise Rs 35-40 crore via IPO

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.

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Source : with inputs

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751