Avesthagen to revisit IPO plans

Avesthagen, a Bangalore-based life sciences company, will revisit its IPO plans in the second quarter of the next financial year. The company expects to raise Rs 700-800 crore through the issue.

“The markets are choppy now. We expect them to stabilise next year,”' said Avesthagen CMD Villoo Morawala Patell. The company had planned to go public in 2008 but deferred it due to the slowdown.

Speaking to the media on Thursday, she said the IPO proceeds would be used to commercialise 40 products that were in various stages of development. The company toady announced its joint venture — Atash Seeds — with Limagrain, an international cooperative group specialised in seed and cereals.

Patell said research and global marketing of Limagrain and licensing of Avesthagen's environment adjusted crops patents would build an agri-biotech business model for field crops. Limagrain would spend about Euro 10 million (around Rs 69.5 crore) in phases on the new company, she said.