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Laurus Labs IPO opens on 6 December

Capital Market 

The price band of the IPO fixed at Rs 426 to Rs 428 per share

Laurus Labs' upcoming initial public offer (IPO) consists of fresh issue of Rs 300 crore and the offer for sale of 2.41 crore shares by the selling shareholders. The price band of the IPO has been fixed at Rs 426 to Rs 428 per share. The IPO will open for bidding on 6 December 2016 and will close on 8 December 2016.

The selling shareholders are Aptuit, Bluewater, FIL Capital Management and FIP (acting through its trustee FIL Capital Advisors). The proceeds of the offer for sale shall be received by the selling shareholders, and the company will not receive any proceeds from the offer for sale.

The company proposes to utilise the net proceeds from the fresh issue towards the pre-payment of term loans and the general corporate purposes. In addition the company expects to receive the benefits of listing of the shares on the stock exchanges, enhancement of the company's brand name and creation of a public market for shares.

For the six months ended 30 September 2016, Laurus Labs reported consolidated net profit of Rs 75.10 crore on total revenue of Rs 941.78 crore.

Laurus Labs is a leading research and development (R&D) driven pharmaceutical company, with a leadership position in generic active pharmaceutical ingredients (APIs) for select, high-growth therapeutic areas of antiretrovirals (ARVs) and Hepatitis C. The company also manufactures APIs in oncology and other therapeutic areas. The company operates in four business lines: generics-APIs, generics-FDFs, synthesis and ingredients.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 02 2016. 12:16 IST