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GreenSignal Bio Pharma fixes price band of Rs 76-80 for IPO

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The company plans to raise Rs 112 crore

Vaccine manufacturing firm GreenSignal Bio Pharma has fixed the price band at Rs 76-80 per equity for its initial public offer (IPO) through which it plans to raise around Rs 112 crore.

The company is entering the capital market with its initial public offering of 1,45,79,560 equity shares of face value of Rs 10 each through an offer for sale by promoter selling shareholders P Sundaraparipooranan and P Murali, promoters group selling shareholder Mallika Murali and public selling shareholders R Srinivasan and Avon Cycles.

The 100 per cent book building issue will open on November 9 and closes on November 11.

The equity shares are proposed to be listed on BSE and NSE.

The firm is engaged in manufacturing of BCG vaccine, given for protection against tuberculosis, mainly severe forms of childhood tuberculosis.

According to P Murali, MD, GreenSignal Bio Pharma, the global demand for BCG vaccines is estimated at approximately 280 million doses annually, with the highest requirement coming from India. The total shortfall for BCG vaccination is estimated at nearly 30 million doses annually.

The company has a firm order of 84 lakhs vials to be executed in the next two years. GreenSignal Bio Pharma also exports products to 17 countries either directly through UNICEF or indirectly, through supply, distribution and other arrangements, Murali said.

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