Emcure Pharmaceuticals receives SEBI nod for IPO worth ₹800 crore

The proceeds from the IPO will be utilised for payment of debt and general corporate purposes
Emcure Pharmaceuticals has got the go-ahead from the Securities and Exchange Board of India (SEBI) for its proposed IPO.
The company had filed its Draft Red Herring Prospectus with market regulator SEBI in December 2023. The equity shares are proposed to be listed on BSE and NSE.
The IPO comprises a fresh issuance of equity shares worth ₹800 crore and an Offer of Sale (OFS) of 1.36 crore equity shares by promoters and existing shareholders, according to the fresh draft red herring prospectus filed last week.
Proceeds of the fresh issue will be used towards payment of debt and for general corporate purposes.
Emcure Pharmaceuticals makes pharmaceutical products across therapeutic areas. Its research and development-driven portfolio is differentiated and includes orals, injectables, and biotherapeutics. The company markets its products to over 70 countries, with a presence in India, Europe and Canada. Its subsidiary Gennova Biopharmaceuticals had developed the country’s first mRNA Covid-19 vaccine.
Kotak Mahindra Capital Company, Jefferies India, Axis Capital, and JP Morgan India are the book-running lead managers to the issue.
Source: Thehindubusinessline