Sudeep Pharma files DRHP with Sebi for IPO, plans major capex expansion

Sudeep Pharma's IPO consists of a fresh issue of equity shares aggregating to ₹95 crore, and an OFS of 10.07 million equity shares

Upcoming IPO: Sudeep Pharma, a manufacturer of excipients and speciality ingredients for the pharmaceutical, food and nutrition industries, has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, the Securities and Exchange Board of India (SEBI) for its maiden public issue. 

 

The Gujarat-based tech company's IPO, with a face value of ₹1 per equity share consists of a fresh issue of equity shares aggregating to ₹95 crore, and an offer for sale (OFS) of 10.07 million equity shares by existing shareholders.

Sudeep Pharma IPO details

The OFS comprises up to 3.56 million equity shares by Sujit Jaysukh Bhayani, up to 5 million equity shares by Sujeet Jaysukh Bhayani HUF, up to 7,50,000 million equity shares by Shanil Sujit Bhayani, and up to 7,54,200 equity shares by Avani Sujit Bhayani.

 

 

According to the DRHP, the offer is being made through the book-building process. The company has reserved not more than 50 per cent of the offer for qualified institutional buyers (QIBs), not less than 15 per cent for non-institutional bidders, and not less than 35 per cent for retail individual bidders.

 

From the net issue proceeds the company intends to use ₹75.81 crore for capital expenditure towards procurement of machinery for its production line located at Nandesari Facility I, as well as, general corporate purposes, as per the DRHP.

 

MUFG Intime India, formerly Link Intime, is the registrar for the issue. ICICI Securities and IIFL Capital Services are the book-running lead managers.

About Sudeep Pharma

Incorporated in 1989, Sudeep Pharma manufactures excipients and speciality ingredients for the pharmaceutical, food and nutrition industries. The company has a presence in both, domestic and international markets, including the United States, South America, Europe, the Middle East, Africa and Asia-Pacific. It is one of the largest producers of food-grade iron phosphate for infant nutrition, clinical nutrition, and the food and beverage sectors, in terms of production capacity with a combined annual manufacturing capacity of 65,579 metric tons, as of December 31, 2024, according to a F&S report mentioned in the DRHP.