Pune-based manufacturer of drugs, Emcure Pharmaceuticals Ltd, is planning to raise money through an initial public offering, according to market sources. The size of the IPO, expected to come in the second half of the year, is around Rs 650-700 crore.

It may pick Bank of America Corp., IDFC Capital Ltd and Morgan Stanley to manage the sale in Mumbai.

The company, which researches, manufactures and markets formulations under its own brands in the domestic market and exports its own formulations to several countries is backed by the New York based Blackstone Group which invested $50 million in it in July 2006. This was Blackstone's first investment in India since starting a private equity business in the South Asian nation, the company had said at the time.

In response to an e-mailed query on the IPO, Mr Satish Mehta, Managing Director and CEO said, “Emcure does not wish to comment on the IPO as we are at a very early stage.”

At least 10 companies in the health care industry are among 125 businesses that have announced plans to list shares in India in the past year, according to a data compiled by Bloomberg.

Established in 1983, Emcure has grown from a single manufacturing facility to a range of manufacturing facilities spread across Active Pharmaceutical Ingredients, formulations and biotechnology.

Related Topics