SPC Life sciences has received the Securities and Exchange Board of India’s (SEBI) approval 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. The company, which filed the draft red herring prospectus with the SEBI in March 2023, got the regulator’s approval on June 30, 2023.
The proceeds from the fresh issue will be used to pay debt, to support working capital needs and to fund capital expenditure requirements for setting up Phase-2 at its Dahej facility in order to expand product offerings of pharmaceutical intermediates, and for general corporate purpose. Ambit and HDFC Bank are the book running lead managers to the issue. The shares of the company will be listed on the BSE and NSE.
SPC Life sciences is a leading manufacturers of advanced intermediates for certain key active pharmaceutical ingredients.
Company Name | CMP |
---|---|
Sun Pharma Inds. | 1462.50 |
Dr. Reddys Lab | 5784.50 |
Cipla | 1451.25 |
Zydus Lifesciences | 1001.15 |
Lupin | 1587.90 |
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