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Nov 20, 2010, 03.38 PM IST | Source: Moneycontrol.com

Claris Lifesciences IPO to open on November 24

The IPO of Claris Lifesciences, a sterile injectables pharmaceutical company, is set to enter capital market for subscription on November 24, 2010.

Claris Lifesciences IPO to open on November 24

The initial public opening (IPO) of Claris Lifesciences, a sterile injectables pharmaceutical company, is set to enter capital market for subscription on November 24 and close on November 26, 2010.

The company aims to raise Rs 300 crore through IPO.

As per the draft prospectus, Claris is one of the largest Indian sterile injectables pharmaceutical companies with a presence in 76 countries worldwide. Products offering comprises 113 products across multiple markets and therapeutic areas. All of its products are off-patent products, a significant majority of which are capable of being directly injected into the body and are predominantly used in the treatment of critical illnesses.

Proceeds of the issue will be used for setting up of a new plant comprising a small volume parenterals line - a PVC bag line, a non-PVC bag line and a fat emulsion line. It will be used for setting up of a new manufacturing line for propofol and other fat emulsion products at existing plant in Clarion IV. The funds will also be used construction of a facility for research and development at Clarion manufacturing facilities; and prepayment of an identified term loan.

Enam Securities Private Limited, Edelweiss Capital Limited, JM Financial Consultants Private Limited and ICICI Securities Limited are the book running lead managers to the issue.

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