SEBI nod to Inventia Healthcare for Initial Public Offering
New Delhi: Inventia Healthcare received markets regulator Security and Exchange Board of India(Sebi's) approval to float initial public offerings.
Latest update with Sebi showed that Inventia Healthcare obtained "observations" from the markets regulator on November 22.
With this, the total companies getting clearance from the Securities and Exchange Board of India (Sebi) to launch IPO has reached 73 so far this year.
Companies had filed their respective draft documents in the month of August-September with the markets watchdog.
A compulsory observation by Sebi allows a company to launch public issues such as IPO and FPO.
The Medical Dialogues team had earlier reported about Inventia Healthcare filing draft papers with capital markets regulator SEBI to raise an estimated Rs 450 crore through an initial public offering. The IPO comprises fresh issuance of equity shares worth up to Rs 125 crore, besides, an offer of sale up to 31,64,000 scrips by promoters and other shareholders, according to the draft red herring prospectus (DRHP) filed with Sebi.
In the offer for sale, promoters Janak Shah and Maya Shah and private equity fund Jacob Ballas will sell shares.
Livemint had earlier reported that Jacob Ballas had planned to sell its entire stake of 23.4% that it holds in Inventia.
The IPO is expected to fetch Rs 450 crore, merchant banking sources said.
Proceeds of the issue will be used for payment of outstanding borrowings availed by the company and for other general corporate purposes.
ICICI Securities and Centrum Capital will manage the company's initial share sale.
Inventia focuses on developing oral solid dosage formations (OSDFs), from research and development to manufacturing and packaging, and sells its products using partners’ brand names, either based on a fixed transfer price, or based on a share of profit from sales. Some of its partners in India include pharma majors such as Bayer, Abbott, GlaxoSmithKline (GSK) and Glenmark.
The key therapeutic areas which the company caters to include anti-diabetic, gastrointestinal and musculoskeletal segments