SPC Lifesciences Ltd., a manufacturer of pharmaceutical ingredients, has filed preliminary paperwork with SEBI, the regulator of capital markets, to conduct an initial public offering to raise funds.
The promoter, Snehal Rajivbhai Patel, offered for sale (OFS) 89.39 lakh equity shares as part of the initial public offering (IPO), which consists of the issuance of fresh equity shares worth Rs 300 crore.
The size of the new issue will decrease if the company completes a pre-IPO placement in the amount of up to Rs 60 crore.
The money from the new issue will be put toward paying off debt, supplying working capital, and making capital investments to set up Phase II at its Dahej facility, broaden the product range of pharmaceutical intermediates, and for general corporate purposes.
SPC Lifesciences, based in Gujarat, is a leading producer of advanced intermediates for some of the most important active pharmaceutical ingredients.
The company produces advanced pharmaceutical intermediates that are utilized in a growing number of therapeutic areas, such as cardiovascular, vasodilator (anti-platelet), anti-psychotic, and anti-depressant therapies.
The book-running lead managers for the company’s initial share sale are Ambit and HDFC Bank. The company’s shares will be listed on the BSE and NSE.
first released: 30 March 2023, 3:50 p.m.