Gujarat-based Sudeep Pharma Limited files DRHP for IPO
The IPO, with a face value of Rs 1 each, combines fresh issuance of Rs 95 crore with an offer for sale of up to 1,00,76,492 equity shares by the Promoter Selling Shareholder.
The offer for sale consists of up to 35,67,670 equity shares by Sujit Jaysukh Bhayani, up to 50,04,622 equity shares by Sujeet Jaysukh Bhayani HUF, up to 7,50,000 equity shares by Shanil Sujit Bhayani, and up to 7,54,200 equity shares by Avani Sujit Bhayani.
The company, in consultation with the book-running lead managers, may consider an issue of specified securities, aggregating to Rs 19 crores as pre-IPO placement shall not exceed 20 per cent of the size of the fresh issue.
If such placement is completed, the fresh issue size will be reduced.
The offer is being made through the book-building process, wherein not more than 50 per cent of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15 percent of the offer shall be available for allocation to non-institutional bidders, and not less than 35 percent of the offer shall be available for allocation to retail individual bidders.
The proceeds from its fresh issuance to the extent of Rs 75.81 crore for capital expenditure towards procurement of machinery for its production line located at Nandesari Facility I; and general corporate purposes.
The company has expanded its operations from production of excipients to a wide variety of over 100 products in the pharmaceutical, food and nutrition industries, as of December 31, 2024. Its business is primarily structured into two verticals, Pharmaceutical, food and nutrition and Specialty ingredients.
The company operates three Manufacturing Facilities in Vadodara, Gujarat, with a combined annual manufacturing capacity of 65,579 MT.
For the nine-month period ended December 31, 2024, revenue from operations and profit after tax stood at Rs 344.45 crore and Rs 94.54 crore respectively.
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