Emcure Pharmaceuticals to Launch IPO on July 3

This move follows the company's approval from the Securities and Exchange Board of India (SEBI) earlier this month.

Bain Capital-backed Emcure Pharmaceuticals is set to launch its Initial Public Offering (IPO) on July 3, 2024. 

This move comes after the company received approval from the Securities and Exchange Board of India (SEBI) earlier this month.

According to the Red Herring Prospectus (RHP), the IPO will close on July 5, with bidding for anchor investors opening for a day on July 2. The offering includes a fresh issuance of equity shares worth INR 800 Cr and an Offer for Sale (OFS) of 1.14 Cr equity shares by promoters and existing shareholders.

Key Details of the IPO

Emcure Pharmaceuticals began its journey towards a public offering by filing preliminary IPO papers with the SEBI in December 2023. These details were recently outlined in the Draft Red Herring Prospectus (DRHP) submitted by Emcure Pharmaceuticals.

Promoter Satish Mehta and investor BC Investments IV, an affiliate of US-based PE firm Bain Capital, are among those selling shares in the OFS.

Mehta, who currently holds a 41.85% stake in the company, is expected to reduce his holdings through this sale. BC Investments IV has a 13.07% stake. 

Reportedly, the proceeds from the fresh issue will be utilized for debt repayment and general corporate purposes.

The company has appointed Kotak Mahindra Capital Company, Jefferies India, Axis Capital, and JP Morgan India as the book-running lead managers for the IPO. Emcure Pharmaceuticals' equity shares will be listed on the BSE and NSE on July 10.

A spokesperson for Emcure Pharmaceuticals stated, “The funds raised through the IPO will enable us to further our commitment to providing quality healthcare products and strengthen our presence in the global market.”

Pune-based Emcure Pharmaceuticals develops, manufactures, and markets a wide range of pharmaceutical products globally, covering various major therapeutic areas.

Recent IPO Plans

In a related development, Nephrocare India (NCIL), a multi-specialty healthcare provider backed by industry veteran Deepak Parekh, is preparing to raise around INR 40 Cr through its own IPO. 

The funds will be primarily used to establish a new multi-specialty hospital in Madhyamgram, Kolkata, and for other general corporate purposes.

The new facility, Vivacity Multi Speciality Hospital, will be a 100-bed hospital offering comprehensive healthcare services. It will feature a 30-bed Critical Care unit, including an Intensive Care Unit (ICU), High Dependency Unit (HDU), Respiratory Therapy Unit (RTU), and Neonatal Intensive Care Unit (NICU).