Rajkot-based Anlon Healthcare, a research-intensive manufacturing unit of pharmaceutical bulk drugs and intermediates, has refiled draft papers with the SEBI for fund raising via an initial public offering.
Earlier it had filed preliminary papers for IPO on October 9 and the same were returned by the capital markets regulator on December 9.
The chemical manufacturing company has maintained its fresh issue size of 1.4 crore equity shares, with no offer-for-sale component, as per the draft red herring prospectus filed on December 26.
Promoters - Punitkumar Rasadia and Meet Atulkumar Vachhani - hold 70.26 percent stake in Anlon, and the remaining 29.74 percent shares are owned by public shareholders including Shree Dwarikadhis Ventures LLP, Amitaben Natwarlal Ukani, and BAN Labs.
Anlon, one of the few manufacturers of loxoprofen sodium dihydrate (in India), a notable API widely used in treatment of pain/inflammation, compares with listed peers like Kronox Lab Sciences, AMI Organics, and Supriya Lifescience.
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It has a product portfolio of 65 commercialised products, while the 28 products are at pilot stage and 49 products are at laboratory testing stage or laboratory scale stage.
The company will utilise Rs 30.7 crore out of net fresh issue proceeds for expansion of manufacturing facility, Rs 5 crore for repaying debt, Rs 35.98 crore for working capital requirements, and the remainder funds for general corporate purposes.
Interactive Financial Services is the sole book running lead manager handling the public issue.
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