Bain Capital-Backed Emcure Pharma Sets IPO Price Band At Rs 960–1,008 Apiece

Emcure Pharmaceuticals Ltd. has set a price band of Rs 960–1,008 per share for its upcoming initial public offering. The company seeks to raise up to Rs 1,952 crore through a fresh issue of Rs 800 crore and an offer for sale of 1.14 lakh crore equity shares.

The public issue of the Pune-based pharmaceutical company will open for subscription on July 3 and conclude on July 5. Bidding for the anchor portion will open for a day on July 2.

The minimum lot size for bidding will be 14 shares, with further bids to be made in multiples, according to the price band advertisement released by the company on Friday.

Among the selling shareholders in the offer for sale is BC Investments IV Ltd, an affiliate of US-based private equity major Bain Capital, that will offload 72.34 lakh shares.

Kotak Mahindra Capital Co., Axis Capital Ltd., Jefferies India Pvt. and JPMorgan India Pvt. are the book-running lead managers for the issue.

Emcure Pharma is engaged in developing, manufacturing, and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.

The company has more than 350 brands, five research and development centres, and 14 manufacturing facilities across India, as per information on its website. It sells in over 70 countries.

The net proceeds from the fresh issue will be used to repay debt and for general corporate purposes.

In its latest financials as of September 2023, the company reported a consolidated net profit of Rs 287 crore and revenue of Rs 3,219 crore. The company's total outstanding borrowings were Rs 2,013 crore.