New Delhi, Feb 11 (PTI) Akums Drugs and Pharmaceuticals Ltd has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The initial share-sale is a combination of fresh issue of equity shares worth Rs 680 crore and an offer-for-sale (OFS) of 1.86 crore shares by promoters and an existing investor, according to the draft red herring prospectus (DRHP) filed on Saturday.
Those selling shares in the OFS are Sanjeev Jain, Sandeep Jain and Ruby QC Investment Holdings Pte Ltd.
The company is looking to raise Rs 136 crore through a pre-IPO placement. If such placement is undertaken, then fresh issue size will be reduced. Proceeds from the fresh issue will be used to repay debt, fund working capital requirements of the company, pursue inorganic growth initiatives through acquisition and for general corporate purposes.
Founded in 2004, Akums is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
As of September 30, 2023, key clients of the company include Alembic Pharmaceuticals, Alkem Laboratories, Cipla, Dabur India, Dr. Reddy’s Laboratories, Sun Pharmaceutical Industries, among others.
ICICI Securities, Axis Capital, Citigroup Global Markets India and Ambit Pvt Ltd are the running lead managers to the issue. PTI SP ANU ANU
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