Pharmaceutical ingredients maker SPC Life Sciences Ltd has received capital markets regulator Sebi’s go ahead to raise funds through an initial public offering (IPO). The 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 pharma company, which filed its draft papers with the markets regulator in March seeking its nod, obtained its observations letter on June 30, an update with the Securities and Exchange Board of India (Sebi) showed on Monday.
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. Apart from SPC Life Sciences, Ratnaveer Precision Engineering Ltd has received Sebi’s nod to launch the IPO. It had filed its preliminary IPO papers with the regulator in January.