Two homegrown healthcare companies, backed by private equity firms General Atlantic and TPG, have received approval from capital markets regulator Securities and Exchange Board of India (SEBI) to go ahead with their initial public offerings.
Draft papers filed by pharmaceutical contract research and development player (CRDMO) Sai Life Sciences, backed by TPG Capital and Rubicon Research, backed by General Atlantic were given the go ahead for IPOs in late October, according to SEBI’s website.
Among others to receive approval for listing on public markets were Metalman Auto Ltd, and Sanathan Textiles Ltd, whereas BMW Ventures withdrew its DRHP.
Rubicon Research
The pharma products developer’s IPO is a combination of a fresh issue of equity shares worth Rs 500 crore and an offer for sale (OFS) valued at Rs 585 crore, according to its DRHP filed in July 2024.
VCCircle first reported in May that Rubicon is planning a public listing with a total size of Rs 1,000-1,200 crore.
General Atlantic hadn’t disclosed the total deal value but said it committed $100 million primary capital to Rubicon acquired the stake held by PE firm Everstone.
The company proposes to utilise proceeds from the fresh issue to the tune of Rs 310 crore for payment of debt. Also, funds will be used for supporting inorganic growth through unidentified acquisitions as well as other strategic initiatives and general corporate purposes.
Sai Life Sciences
The Hyderabad-based company’s DRHP proposed an IPO comprising a fresh issue worth Rs 800 crore and an OFS of 6.15 crore shares by a promoter, investor and other shareholders.
Of the IPO proceeds, funds to the tune of Rs 600 crore will be used for debt repayment and a portion will be used for corporate general purposes, the draft papers filed showed.
TPG Capital, which invested $135 million in Sai Life Sciences in 2018, and currently holds a 43.4% stake in the company, is looking to exit via the public listing.