Anlon Healthcare files papers with SEBI to raise funds via IPO

Anlon Healthcare

Pharmaceutical intermediates manufacturer Anlon Healthcare has filed preliminary papers with the capital markets regulator SEBI to raise funds via initial public offering.

The IPO will entirely be a fresh issue of 1.4 crore equity shares by the company, with no offer-for-sale component, as per the draft papers filed on October 9.

The company intends to spend Rs 30.7 crore out of the net issue proceeds for the expansion of manufacturing facility, Rs 5 crore for repaying debt, and Rs 35.98 crore for working capital requirements. The remainining funds will be utilised for inorganic acquisitions and general corporate purposes, it said.

With a single manufacturing facility and four R&D labs, the Gujarat-based company is promoted by Punitkumar Rasadia, and Meet Atulkumar Vachhani. Promoters own 70.26 percent stake in the company and the remaining 29.74 percent shares are owned by public shareholders.

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The chemical manufacturing company manufactures advance pharmaceutical intermediates (used as a raw material in active pharmaceutical ingredients), and active pharmaceutical ingredients (API). The APIs are used as a raw material for pharmaceutical formulations in making finished dosage formula (such as tablet, capsules, ointment, syrup etc), ingredients in nutraceuticals formulations, personal care and animal health products.

It is one of the few manufacturers of loxoprofen sodium dihydrate, the API which is widely used in treatment of rheumatoid arthritis, osteoarthritis, lower back pain, frozen shoulder, neck-shoulder-arm syndrome, tooth pain or after surgery, injury or tooth extraction.

Its product portfolio consists of 65 commercialised products, 28 products which are at pilot stage and 49 products which are at R&D stage.

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Interactive Financial Services is the sole merchant banker to the issue, while KFin Technologies is the registrar to the offer.