Bain Capital-backed Emcure Pharmaceuticals filed preliminary papers with capital markets regulator SEBI to raise funds through an initial share sale.
The initial public offering comprises fresh issuance of equity shares worth ₹1,100 crore and an offer of sale of over 1.8 crore (1,81,68,356) shares by promoters and existing shareholders, according to the draft red herring prospectus (DRHP).
As a part of the offer for sale (OFS), promoters Satish Mehta and Sunil Mehta will offload 20.30 lakh and 2.5 lakh shares respectively. Investor BC Investments IV Ltd will divest 99.5 lakh shares.
Currently, Satish Mehta and Sunil Mehta hold 41.92 per cent and 6.13 per cent stake, respectively, in the company, while BC Investments owns 13.09 per cent.
The company is considering a pre-IPO placement aggregating up to ₹200 crore. If such a placement is completed, the fresh issue size will be reduced. Proceeds of the fresh issue will be used towards the payment of debt and for general corporate purposes.
Range of products
Emcure Pharmaceuticals is engaged in developing, manufacturing, and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. The company has a presence in 70 markets globally.
The Pune-based company is currently developing an RNA vaccine for Covid-19 through its subsidiary Gennova Biopharmaceuticals.
Axis Capital, JM Financial, BOB Capital Markets, BofA Securities India Limited, and Credit Suisse Securities (India) Private Limited have been appointed as merchant bankers to advise the company on the IPO.
The equity shares of the company will be listed on the BSE and the NSE.