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Sagility India’s proposed IPO 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-enabled services provider in the healthcare services space, have received Sebi’s go ahead to float their Initial Public Offerings (IPOs), an update with the markets regulator showed on Tuesday.
On the other hand, the regulator has returned the rights issue document of The Bombay Dyeing and Manufacturing Company Ltd , the update showed.
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The development from the Securities and Exchange Board of India (Sebi) came a year after the company submitted its draft papers in October 2022 to the regulator proposing to raise Rs 940 crore through the rights issue.
Both Senores Pharmaceuticals and Sagility had filed their respective draft documents in July seeking the regulator’s nod to launch IPOs. The regulator’s observation was issued on October 9, the update showed.
In Sebi’s parlance, obtaining its observations means go-ahead to launch the public issues.
As per the draft paper, Senores Pharmaceuticals’ IPO is a combination of fresh issuance of shares worth Rs 500 crore and an offer for sale (OFS) of up to 27 lakh equity shares by promoters and other selling shareholders.
Proceeds from the Ahmedabad-based company’s fresh issuance will be utilised for setting up a manufacturing facility for the production of sterile injections in its Atlanta facility; funding the working capital requirements of the company and its subsidiaries; supporting inorganic growth through acquisition and other strategic initiatives and payment of debt. Besides, a portion will be used for general corporate purposes.
Senores Pharmaceuticals specialises in identifying, developing, and manufacturing a wide array of speciality and complex pharmaceutical products. The company had launched 54 products in major therapeutic segments, including antibiotics, anti-bacterial, anti-fungal and bloodline as of March this year.
Sagility India’s proposed IPO 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-driven services to both payers (US health insurance companies, which finance and reimburse the cost of health services), and providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 15 2024 | 5:19 PM IST
