Two pharma companies get SEBI nod to raise funds via IPO

Pharmaceutical companies Innova Captab and Blue Jet Healthcare on Tuesday received Sebi nod for an initial public offering (IPO). Here are the key details about both IPOs.

Innova Captab
Innova Captab’s IPO will be a fresh issue of equity shares worth up to Rs 400 crore and an offer-for-sale (OFS) of up to 9,600,000 equity shares by the promoter and selling shareholders.

Innova Captab is an integrated pharmaceutical company in India with a presence across the value of the pharmaceutical chain including research and development, manufacturing, drug distribution and marketing, and exports. The company filed preliminary IPO papers with Sebi on July 07, 2022.

The company, in consultation with the lead bankers to the issue, may consider a private placement or preferential issue of equity shares or any other method aggregating up to Rs 80 crore. If such placement is completed, the fresh issue size will be reduced.

The company plans to utilise net proceeds from the issue for repayment of certain outstanding loans, investment in subsidiary UML for repaying debt, funding working capital requirements, and general corporate purposes.

ICICI Securities and JM Financial are the book-running lead managers and KFin Technologies is the registrar to the offer of Innova Captab. The equity shares are proposed to be listed on BSE and NSE.

Blue Jet Healthcare
Blue Jet Healthcare’s IPO will be a complete offer-for-sale (OFS) of up to 21,683,178 equity shares by the promoter and selling shareholders.
Blue Jet Healthcare is a specialty pharmaceutical and healthcare ingredient and intermediate company. Its business model focuses on collaboration, development, and manufacturing of complex chemistry categories. Over the last five decades, it has developed over 100 products with over 40 products commercialised.

Kotak Mahindra Capital Company, ICICI Securities, and JP Morgan India Private are the book-running lead managers and Link Intime India is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.