Innova Captab is into Healthcare & Pharmaceuticals Pharmaceutical and is looking raise funds through Fresh Issue and Offer For Sale
Innova Captab IPO is a public offering of shares by Manoj Kumar Lohariwala and Vinay Kumar Lohariwala. The IPO will open on December 21 and will close on December 26. The price band is ₹426 to ₹448 per share and the lot size is 33 shares. The issue size is ₹570. crore. The shares are expected to be listed on NSE, BSE on December 29 (^). Some additional information that you may find useful are: Share of Revenues for CDMO / Domestic / International at 73.4% / 17.9% / 8.7% in FY23 (85.8% / 4.6% / 9.6% in FY22). Company sell to 182 CDMO customers, 5000 distributors, 150000 retail pharmacies. : (**) - based on higher price band (^) indicative date
Key Pointers of Innova Captab IPO:
Promoters of the company are Manoj Kumar Lohariwala and Vinay Kumar Lohariwala Currently promoters hold 69.75% stake in the company. While post-equity promoters stake will be 51.68%
- Company aims to raise between Rs 558 to 570 crs through this IPO.
- The net proceeds of the issue will be utilized to 1) Repayment and/or prepayment of loans - Rs. 144.4 cr. 2) Investment in our Subsidiary, UML, for repayment and / or prepayment of loans - Rs. 23.6 cr. 3) Funding working capital requirements - Rs. 72 cr. and 4) General corporate purposes
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 20-Dec-23.
- Price band for the IPO has been fixed at Rs 426 to 448 per share and bid lot are in multiple of 33 shares. The implied market cap post-issue at Rs 2,453 to 2,564 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on December 27 and share are expected to be listed on NSE, BSE on December 29.
- Company has direct peer competition in India'a Pharmaceutical sector. In Listed space peers include Torrent Pharmaceuticals, Laurus Labs, Ajanta Pharma, J. B. Chemicals and Pharmaceuticals, NATCO Pharma, Eris Lifesciences, Indoco Remedies, Suven Pharmaceuticals, Windlas Biotech among others.
- ICICI Securities, JM Financial has been appointed as Merchant Banker to the issue. Kfin Technologies Ltd. has been appointed as official registrar of the issue.
About Innova Captab Limited
Innova Captab LimitedInnova Captab is integrated pharmaceutical company with presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports. Business includes (i) a CDMO business providing research, product development and manufacturing services to Indian pharmaceutical companies, (ii) a domestic branded generics business and (iii) an international branded generics business. Company has three mannufacturing facilities including one owned facility at Baddi (Himachal Pradesh) and two units at its acquired unit at Dehradun (Uttarakhand) and Taloja (Maharashtra). Total installed capacity is at 8.19 bn tablets and 2.47 bn capsules. Company plans to setup 1) R&D Facility at Panchkula (Himachal Pradesh adn 2) New Manufacturing facility at Samba (Jammu & Kashmir).
Share of Revenues for CDMO / Domestic / International at 73.4% / 17.9% / 8.7% in FY23 (85.8% / 4.6% / 9.6% in FY22). Company sell to 182 CDMO customers, 5000 distributors, 150000 retail pharmacies.
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About Industry
The Indian CDMO market has grown at a rate of 14% in the last five years from Fiscal 2018 to Fiscal 2023, and CRISIL Research expects this trend to continue over the next five years from Fiscal 2023 to Fiscal 2028 with the Indian CDMO market projected to grow at approximately a 12-14% CAGR over the next five years from ₹1,310 billion in Fiscal 2023 to ₹2,400-2,500 billion in Fiscal 2028. (Source: CRISIL Report, October 2023). According to CRISIL Research, in dosage terms, oral solids dominate the Indian formulations industry with approximately 63% share in value terms and 62% in volume terms in Fiscal 2023. (Source: CRISIL Report, October 2023). Similarly, the injectables segment constituted 14-15% (in value terms) and approximately 14% (in volume terms) of all dosage forms catered by domestic formulations industry in Fiscal 2023.
IPO Allotment of Innova Captab IPO
| Source: SEBI, BSE, NSE, DRHP, Inox India, Industry Data |
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Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.
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