Laurus Labs Pvt. Ltd has received a green signal from the Securities and Exchange Board of India (SEBI) to float its initial public offering (IPO).
The Visakhapatnam drug ingredients maker is looking to raise Rs 300 crore through a fresh issue of shares to repay term loans and for general corporate purposes. This apart, there is an offer for sale by shareholders including private equity firms Warburg Pincus and Eight Roads Ventures (formerly Fidelity Growth Partners). The PE firms are part-exiting.
It seeks to join a string of healthcare companies that have made successful debuts on stock markets over the past year. These include diagnostics chains Dr Lal PathLabs Ltd and Thyrocare Technologies Ltd and hospital chain Narayana Hrudayala Ltd, which was listed earlier this year.
In June, Aster DM Healthcare Ltd, which runs hospitals in India and the Middle East, also filed its DRHP with the capital markets regulator. Another healthcare company, eye-care chain New Delhi Centre For Sight, has also received SEBI approval for its IPO.
Kotak Mahindra Capital, Citigroup Global Markets, Jefferies and SBI Capital Markets are the bankers for the proposed issue.
For more on the company and the proposed issue click here.
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