Late billionaire investor Rakesh Jhunjhunwala’s agency Uncommon Enterprises-backed Harmony Biotech has filed its draft crimson herring prospectus (DRHP) with capital markets regulator Securities Change Board of India (Sebi) to lift funds by means of an preliminary public providing (IPO).
Harmony Biotech IPO is totally a proposal on the market of (OFS) of two,09,25,652 fairness shares by Helix Funding Holdings Pte Restricted, which is backed by non-public fairness agency Quadria Capital, based on its draft papers.
As its a pure OFS, the corporate is not going to obtain any proceeds from the Supply. The corporate mentioned that the objects of the supply are to (i) obtain the advantages of itemizing the Fairness Shares on the Inventory Exchanges; and (ii) perform the Supply for Sale of as much as 20,925,652 Fairness Shares by the Promoting Shareholder.
Harmony is among the many main producers of fermentation-based biopharmaceutical APIs, centered on area of interest segments corresponding to immunosuppressant, oncology, anti-fungal and anti-bacterial. It has three manufacturing services in Gujarat.
The corporate is backed by Quadria Capital Fund and Uncommon Enterprises, which was arrange by billionaire investor Rakesh Jhunjhunwala, alongside together with his spouse Rekha. The veteran inventory market investor handed away on Sunday.
Ahmedabad-based biopharma agency’s income from operations rose to ₹713 crore for the monetary yr 2022 from ₹617 crore within the previous monetary yr. Nonetheless, revenue after tax dropped to ₹175 crore in FY22 from ₹235 crore within the earlier fiscal.
As of March 2022, it had a portfolio of 56 manufacturers and 65 merchandise, together with 22 APIs and 43 formulations. As well as, it has filed over 120 drug grasp information (DMFs) throughout a number of international locations.
Kotak Mahindra Capital Firm, Citigroup International Markets India and Jefferies India are the book-running lead managers to the problem. The fairness shares are proposed to be listed on BSE and NSE.
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Supply: Live Mint