SPC Life Sciences Receives SEBI Nod for IPO Launch
SPC Life Sciences Ltd, a pharmaceutical ingredients manufacturer, has been granted SEBI nod to raise funds through an initial public offering (IPO).
The IPO will consist of fresh issuance of equity shares worth Rs 300 crore and an Offer For Sale (OFS) of 89.39 lakh equity shares by the promoter, Snehal Rajivbhai Patel, as stated in the draft red herring prospectus.
The company may also consider a pre-IPO placement of up to Rs 60 crore, and if this placement is completed, the size of the fresh issue will be reduced accordingly.
Having filed its draft papers with SEBI in March, SPC Life Sciences received the observations letter on June 30, allowing it to proceed with the initial share sale. The proceeds from the fresh issue will be utilized to pay off debts, support working capital needs, fund capital expenditure requirements for the expansion of Phase-2 at its Dahej facility to broaden pharmaceutical intermediate product offerings, and for general corporate purposes.
Based in Gujarat, SPC Life Sciences is a prominent manufacturer of advanced intermediates used in certain key active pharmaceutical ingredients. These intermediates are employed in various therapeutic areas, including cardiovascular, vasodilator (anti-platelet), anti-psychotic, and anti-depressant medications.
About SPC Life Sciences:
SPC Life Sciences, established in 2005 in Gujarat, India, is a company that specializes in the production of chemicals. We are a knowledge-based organization that offers a range of basic and advanced intermediates, as well as key starting materials and custom active pharmaceutical ingredients (APIs). While we initially focused on a single product, we have grown to become a leader in the manufacturing of diverse key starting materials and APIs. With our extensive capabilities, we are adept at handling complex chemical processes across multiple facilities.
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