Uttarakhand-based contract development and manufacturing organisation (CDMO) Cotec Healthcare has filed preliminary papers with Sebi to tap capital markets for fund raising via a public issue, aiming to raise Rs 295 crore via new share issuances.
Promoters Harsh Tiwari and wife Vandana Tiwari will be selling up to 60 lakh shares via the offer-for-sale (OFS) route, the company said in its DRHP filed on September 10.
The Rs 226.2 crore of the fresh issue proceeds will be utilised for setting up a new project to enhance existing manufacturing capacities and manufacture new products, and the remainder of the IPO funds will be used for general corporate purposes.
Cotec Healthcare claims to be India’s second-largest company in the CDMO (contract development and manufacturing organisation) industry in terms of number of dosage forms, offering a range of products across various dosage, including injectables, tablets, capsules, ointments, eye drops, liquid and dry syrups through its manufacturing facility in Uttarakhand's Roorkee, which has three dedicated units.
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Cotec Healthcare competes with listed peers like Innova Captab (Rs 1,243.6 crore revenue in FY25), Sai Life Sciences (Rs 1,694.6 crore), and Windlas Biotech (Rs 760 crore) which are far bigger compared to the company.
The company reported healthy financial performance in recent past years, with net profit rising by 91.2 percent on year to Rs 20 crore in FY25, while the revenue soared by 39.3 percent to Rs 192.2 crore.
Pantomath Capital Advisors is appointed as the merchant banker for managing the Cotec Healthcare IPO.
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