GreenSignal Bio Pharma may raise around Rs 100 cr via IPO

Chennai-based GreenSignal Bio Pharma is likely to come out with an Initial Public Offer (IPO) in October to raise around Rs 100 crore.
"We have finalised plans to come out with an IPO to raise around Rs 100 crore in October. The firm's existing shareholders including promoters will sell around 1,45,79,560 equity shares at a face value of Rs 10 each," GreenSignal Bio Pharma Director P Murali told reports here.
The equity shares will be offered by the company's promoters P Sundaraparipooranan and P Murali along with other shareholders including Avon Cycles Ltd.
The offer will constitute up to 38 per cent of the fully diluted post-offer paid up equity share capital of the company.

GreenSignal has two products - BCG vaccine for preventing tuberculosis and BCGONCO for Immunotherapy, which is used in the treatment of urinary bladder cancer.
"The major contributor to our revenues is the BCG vaccine which contributes 82.73 per cent of our revenues for the period ended March 31, 2016. We are one of the four companies worldwide who have been WHO-prequalified to supply the BCG vaccine to UNICEF.
"We have secured a long-term arrangement with UNICEF to supply the BCG vaccine subject to the purchase orders placed with our company. We also supply the BCG vaccine to Indonesia and Nepal which are countries outside the UNICEF ambit," Murali said.