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Time of India

Sudeep Pharma files draft papers with Sebi to mop up funds via IPO

Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Vadodara-based Sudeep Pharma has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering ( IPO ).The IPO is a combination of fresh issuance of equity shares worth Rs 95 crore with an offer for sale of up to 1,00,76,492 shares by the promoter selling shareholders, as per the draft red herring prospectus (DRHP) filed on part of the OFS, Sujit Jaysukh Bhayani, Sujeet Jaysukh Bhayani HUF, Shanil Sujit Bhayani and Avani Sujit Bhayani will be offloading their stakes in the company plans a pre-IPO placement of shares aggregating to Rs 19 crore. If the pre-IPO placement is completed, the fresh issue size will be 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, Gujarat, and general corporate its inception in 1989, Sudeep Pharma have expanded its operations from production of excipients (colouring agents and preservatives) to a wide variety of over 100 products in the pharma, food and nutrition industries, as of December 31, company's business is primarily structured into two verticals: pharmaceutical, food and nutrition and specialty ingredients. It operates three manufacturing facilities in Vadodara with a combined annual manufacturing capacity of 65,579 metric of December 31, 2024, the company have built longstanding relationships with marquee customers, including Pfizer, Intas Pharmaceuticals, Mankind Pharma, Merck Group, Cadila Pharmaceutical, Micro Labs, and French multinational the fiscal ended December 31, 2024, the company's revenue from operations and profit after tax stood at Rs 344.45 crore and Rs 94.54 crore, shares of the company are proposed to be listed on the BSE and the Securities and IIFL Capital Services are the book-running lead managers, and MUFG Intime India is the registrar to the IPO.