Medicap Healthcare has filed draft papers with markets regulator SEBI to raise Rs 240 crore through an initial public offering (IPO).
The proposed IPO is entirely a fresh issue of equity shares with no offer for sale (OFS) component, according to the draft red herring prospectus (DRHP) filed on Monday.
The company plans to mobilise Rs 48 crore in a pre-IPO placement round. If this is undertaken, the fresh issue size would be reduced accordingly.
Funds raised through the IPO will be used to purchase plant and machinery for the manufacturing unit, payment of debt of the company and its subsidiary KASR Healthcare, and general corporate purposes.
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Vadodara-based Medicap Healthcare is a manufacturer of critical packaging products for pharmaceutical companies like Euro Head caps and bottle preforms. The company supplies both domestic and international pharma customers.
Its planned listing on stock exchanges is an attempt to increase its capacity as well as widen its balance sheet.
Aryaman Financial Services is the sole book-running lead manager to the public issue.
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