Influx Healthtech Files for IPO with NSE Emerge

The IPO consists of a fresh issuance of 46.32 Lakh equity shares and an Offer for Sale (OFS) of up to 13.68 Lakh equity shares by founder Munir Abdul Ganee Chandniwala.

Influx Healthtech has filed preliminary papers with NSE Emerge to raise funds through an initial public offering (IPO) to support its expansion plans.

The IPO consists of a fresh issuance of 46.32 Lakh equity shares and an Offer for Sale (OFS) of up to 13.68 Lakh equity shares by founder Munir Abdul Ganee Chandniwala.

The company has outlined that INR 21.61 Cr from the proceeds will be allocated to set up a new manufacturing facility for its nutraceutical division.

Additionally, INR 8.76 Cr is earmarked for establishing a facility for the veterinary food division, and INR 2.66 Cr will be used to purchase machinery for its homecare and cosmetic division. The remaining funds will be used for general corporate purposes.

Founded in 2020 by Chandniwala, Influx Healthtech is a contract development and manufacturing organization (CDMO) specializing in nutraceuticals, cosmetics, veterinary feed, ayurvedic, and homecare products. The company operates three manufacturing facilities in Palghar, Maharashtra.

Influx Healthtech reported revenue from operations of INR 99.96 Cr and a profit after tax (PAT) of INR 11.22 Cr for fiscal 2024. This is an increase from INR 76.05 Cr in revenue and a PAT of INR 7.19 Cr in FY23.

Corporate Capital Ventures is the sole book-running lead manager for the public issue, while Maashitla Securities serves as the registrar.

Recent IPOs in the Healthcare Space

In August, Paras Healthcare, operating under the 'Paras Health' brand, filed draft papers with market regulator SEBI for an initial public offering (IPO) to raise funds.

The IPO was a combination of a fresh issue of equity shares worth up to INR 400 Cr and an offer for sale (OFS) of up to 1.5 Cr shares, with a face value of INR 1 for each equity share, according to the draft red herring prospectus (DRHP).

The OFS included promoter Dharminder Kumar Nagar selling 29.28 Lakh equity shares and investor Commelina Ltd divesting 1.2 Cr shares.

Earlier, Akums Pharma debuted in the Stock Market with its IPO being fully subscribed on Day 1. The IPO, which opened on Tuesday with a price band of INR 646-679, saw a subscription rate of 1.37 times by the end of Day 1.

The proceeds from the fresh issue will be allocated towards repaying or prepaying debt, funding incremental working capital requirements, pursuing inorganic growth through acquisitions, and general corporate purposes.