Proceed of the issue would be utilised towards payment of loans and for general corporate purposes
Drug ingredients maker Laurus Labs has received markets regulator Sebi’s go ahead to float an initial public offering.
Hyderabad-based firm had filed IPO papers with Sebi in August. The markets regulator issued its final ‘observations’ on October 10 on the draft offer documents, which is necessary for any company to launch the public offer.
According to draft papers, the public issue comprises fresh issue of shares worth Rs 300 crores and an offer for sale of 24,844,240 equity scrips by the existing shareholders, including Warburg Pincus group and Eight Roads Ventures.
Proceed of the issue would be utilised towards payment of loans and for general corporate purposes. The issue is being managed by Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India and SBI Capital Markets.
Prior to that, Aster DM Healthcare, which runs hospitals, filed its draft papers with the markets regulator in June. Another healthcare firm, New Delhi Centre For Sight, has already received clearance from Sebi for its IPO.
Besides, several healthcare companies have successfully launched their IPOs. These include diagnostics chains Dr Lal PathLabs and Thyrocare Technologies and hospital chain Narayana Hrudayala.