SEBI approves Emcure Pharmaceuticals IPO, new shares worth Rs 1100 crore to be issued

Pharma company Emcure Pharmaceuticals is coming soon with its IPO.

Emcure Pharmaceuticals IPO: Pharma company Emcure Pharmaceuticals is coming soon with its IPO. The company has got the approval of market regulator SEBI for this. According to the Red Herring Prospectus (DRHP), new shares worth Rs 1,100 crore will be issued under this IPO, while 18,168,356 equity shares will be sold by promoters and existing shareholders through Offer for Sale (OFS).

Emcure Pharmaceuticals had filed its IPO documents with SEBI in August. The company has received the observation letter on December 8. It is necessary for any company to obtain an observation letter from SEBI before going for an IPO. The company considers pre-IPO placements up to Rs 200 crore. If such placement is completed, the size of the new issue will be reduced.

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IPO related details

• As part of the OFS, the promoters – Satish Mehta will sell 20.30 lakh equity shares, Sunil Mehta 2.5 lakh equity shares and investor BS Investments IV Ltd. 99.5 lakh equity shares.
• At present, Satish Mehta holds 41.92 per cent stake in the company and Sunil Mehta holds 6.13 per cent, while BC Investments holds 13.09 per cent stake in the company.
• The proceeds from this IPO will be used for debt repayment and general corporate purposes.
• Axis Capital, JM Financial, BOB Capital Markets, BofA Securities India Limited, Credit Suisse Securities (India) Private Limited are the Book Running Lead Managers of the issue.
• The equity shares of the company will be listed on BSE and NSE.

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Know about the company

• Emcure Pharmaceuticals is the 12th largest pharma company in the country. The company does the work of making medicines, their production and marketing.
• It markets medicines in many countries and has a presence in 70 countries. It is a unit of American private investment company Bain Capital.
• The Pune-based company is currently developing an RNA vaccine for COVID-19 through its subsidiary Gennova Biopharmaceuticals.