Two pharma companies Blue Jet Healthcare and Innova Captab get SEBI nod to launch their IPOs. Details inside

SEBI approves IPOs of two pharma firms

Pharma companies launch IPO

Initial Public Offerings (IPOs) are becoming popular as more and more companies are offering their shares for public investment and listing themselves on recognized stock exchanges. The latest to join the bandwagon are two pharmaceutical firms that have received a green light from SEBI (Securities and Exchange Board of India) for floating their IPOs.

Let’s delve into these two companies whose IPOs will be launched soon.

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Innova Captab

Innova Captab is engaged in the healthcare business and has three verticals which are as follows –

  • Contract Development and Manufacturing Organisation (CDMO)
  • International branded generic business
  • Domestic branded generic business

SEBI issued the observation letter to the company on 11th January, approving its IPO. The details of the proposed IPO are as follows –

  • The IPO will have a fresh issue of equity shares worth Rs.400 crores.
  • There is also an Offer For Sale (OFS) from the company’s promoters. Three promoters are offering 32 lakh equity shares each, aggregating to a total offer of 96 lakh equity shares. The promoters include Vinay Kumar Lohariwala, Manoj Kumar Lohariwala and Gian Prakash Aggarwal.
  • About 69.5% of the company’s equity shares are held by promoters, while the remaining is with Mr Gian Prakash Aggarwal, a public shareholder.
  • The proceeds from the fresh issue of shares will be directed to debt repayment, working capital requirement and other corporate purposes.
  • JM Financial and ICICI Securities are the IPO’s merchant bankers

Blue Jet Healthcare

Blue Jet Healthcare is another pharma business that operates as a Contract Development and Manufacturing Organisation (CDMO). The company manufactures a varied bouquet of products. They manufacture both the starting and advanced intermediates, allowing them to control the manufacturing process to ensure cost-effectiveness and quality control.

The company received its observation letter on 9th January and is now planning the launch of its IPO. The details of the issue are as follows –

  • The IPO is an Offer For Sale (OFS) wherein the promoters, Shiven Akshay Arora and Akshay Bansarilal Arora, will dilute their shares. Currently, 100% of the company's equity shares are owned by these two promoters.
  • The issue size is 2.16 crore equity shares.
  • JP Morgan India, ICICI Securities and Kotak Mahindra Capital Company are the book-running managers of the issue.

Keep a lookout for the upcoming IPOs of these two companies and invest in them if you want to add pharma stocks to your portfolio for diversification.

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