SPC Lifesciences Files Draft Papers With Sebi For 'IPO'

Pharmaceutical ingredients maker SPC Lifesciences Ltd has filed preliminary papers with the capital market regulator Sebi to raise funds through an initial public offering. The Initial Public Offering (IPO) consists of 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 -- according to the draft red herring prospectus.

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 proceeds from the fresh issue will be used to pay debt, to support working capital needs and to fund capital expenditure requirements for setting up Phase-2 at its Dahej facility in order to expand product offerings of pharmaceutical intermediates, and for general corporate purpose.

Gujarat-based SPC Lifesciences is a leading manufacturers of advanced intermediates for certain key active pharmaceutical ingredients. The advanced pharmaceutical intermediates which are manufactured by the company are used in growing therapeutic areas, including cardiovascular, vasodilator (anti-platelet), anti-psychotic and anti-depressants. Ambit and HDFC Bank are the book running lead managers to manage the company's initial share sale. The shares of the company will be listed on the BSE and NSE.

(PTI)