Pharmaceutical companies Innova Captab Ltd and Blue Jet Healthcare have received SEBI’s go-ahead to raise funds through initial public offering (IPO).
The two firms, which filed their preliminary papers with SEBI between June and September 2022, obtained its observation letters during January 9-11, an update with SEBI showed on Tuesday.
SEBI’s observation denotes its approval to launch the initial share sale.
As per the draft papers, Innova Captab’s proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore and an offer for sale (OFS) of 96 lakh equity shares by promoters and other shareholders.
Under the OFS, Manoj Kumar Lohariwala, Vinay Kumar Lohariwala and Gian Parkash Aggarwal will sell 32 lakh shares each.
Of the Rs 400 crore proposed to be raised through fresh issuance of equity shares, Rs 180.5 crore will be used for payment of debt, Rs 29.5 crore for payment of loans availed by its subsidiary UML, and Rs 90 crore for funding working capital requirements.
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An integrated pharmaceutical firm with operations across the whole pharmaceutical value chain, including production, drug distribution, marketing, and exports, Innova Captab is based in India.
Blue Jet Healthcare’s initial public offering (IPO) is entirely an OFS of up to 21,683,178 equity shares by the company’s promoters, Akshay Bansarilal Arora and Shiven Akshay Arora.
The Mumbai-based firm offers niche products targeted toward innovator pharmaceutical companies and multinational generic pharmaceutical companies.
Shares of both companies will be listed on the stock exchanges, BSE and NSE.
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