Emcure Pharma IPO: Bain Capital-Backed Firm Files Fresh Papers With SEBI

The IPO comprises a fresh issuance of equity shares worth Rs 800 crore and an Offer of Sale of 1.36 crore equity shares by promoters and existing shareholders

Bain Capital-backed Emcure Pharmaceuticals has filed fresh preliminary papers with capital markets regulator Securities and Exchange of India (SEBI) to raise funds through an Initial Public Offering (IPO), the PTI said. According to the report, the IPO comprises a fresh issuance of equity shares worth Rs 800 crore and an Offer of Sale (OFS) of 1.36 crore equity shares by promoters and existing shareholders, according to the fresh draft red herring prospectus filed last week.

Those selling shares in the OFS include promoter Satish Mehta and investor BC Investments IV Ltd, an affiliate of US-based private equity major Bain Capital.

Currently, Satish Mehta holds a 41.92 per cent stake in the company and BC Investments owns a 13.09 per cent stake. Proceeds of the fresh issue will be used towards payment of debt and for general corporate purposes.

Earlier, the company had filed draft IPO papers with the SEBI in August 2021. The issue comprised a fresh issue of Rs 1,100 crore, and an OFS of 1.8 crore equity shares.

Pune-based firm Emcure Pharmaceuticals is engaged in developing, manufacturing, and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. Kotak Mahindra Capital Company, Jefferies India, Axis Capital, and JP Morgan India are the book-running lead managers to the issue.

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

Meanwhile, refrigerants supplier Stallion India Fluorochemicals has filed preliminary papers with the SEBI to raise funds through IPO.

The IPO comprises a fresh issue of up to 1.78 crore equity shares and an Offer For Sale (OFS) component of up to 43.02 lakh shares by its promoter Shazad Sheriar Rustomji, as per the Draft Red Herring Prospectus (DRHP). The proceeds from the issue will be used towards funding working capital requirements, capital expenditure requirements for its proposed facilities in Maharashtra and Andhra Pradesh, and general corporate purposes, according to the DRHP filed on Monday.

Stallion India Fluorochemicals is a supplier of refrigerants and various gases, catering to both bulk and small cylinder/container requirements. It has extensive experience in large-scale Fluorochemicals debulking bottling and distribution.