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 "IPO, listing on the stock market")
The proposed IPO by Sagility India is entirely an OFS of 98.44 crore shares by promoter Sagility BV, according to the draft Red Herring Prospectus (DRHP).
Senores Pharmaceuticals Ltd and Sagility India Ltd, a technology services provider in the healthcare services space, have received the nod from Sebi to launch their initial public offerings (IPOs), an update with the markets regulator showed on Tuesday .
On the other hand, the regulator returned the rights issue document of The Bombay Dyeing and Manufacturing Company Ltd, according to the update.
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The Securities and Exchange Board of India (Sebi) development came a year after the company submitted its draft documents in October 2022 to the regulator proposing to raise Rs 940 crore through rights issue.
Senores Pharmaceuticals and Sagility had filed their respective draft documents in July seeking the regulator’s approval to launch IPOs. The regulator’s observation was published on October 9, according to the update.
In Sebi parlance, getting its observations means giving the green light to launch public issues.
According to the draft document, the IPO of Senores Pharmaceuticals is a combination of fresh issue of shares worth Rs 500 crore and an offer for sale (OFS) of up to 27 lakh of shares by promoters and other selling shareholders.
Proceeds from the Ahmedabad-based company’s fresh issue will be used to set up a sterile injection manufacturing facility at its Atlanta facility; finance the working capital needs of the company and its subsidiaries; supporting inorganic growth through acquisitions and other strategic initiatives and debt payments. Additionally, a portion will be used for general corporate purposes.
Senores Pharmaceuticals specializes in the identification, development and manufacturing of a wide range of specialty and complex pharmaceutical products. The company had launched 54 products across major therapeutic segments, including antibiotics, antibacterials, antifungals and bloodlines, as of March this year.
The proposed IPO by Sagility India is entirely an OFS of 98.44 crore shares by promoter Sagility BV, according to the draft Red Herring Prospectus (DRHP).
Since it is an OFS, the Bengaluru-based company will not receive any proceeds from the public issue and the entire fund will go to the selling shareholders.
The company provides technology services to both payers (U.S. health insurance companies, which finance and reimburse the cost of healthcare services) and providers (primarily hospitals, physicians, and diagnostic and medical device companies ).
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: October 15, 2024 | 5:19 p.m. STI