3, March, 2024
HomeBusinessAkums Drugs Files IPO Papers with Sebi, Aims for Rs 680 Crore through Fresh Issue

Akums Drugs Files IPO Papers with Sebi, Aims for Rs 680 Crore through Fresh Issue

Published on

Akums Drugs and Pharmaceuticals Ltd has taken a significant step in its growth journey by filing draft papers with the capital markets regulator Sebi to initiate an initial public offering (IPO).

Read Also | PR Sundar and Associates Settle SEBI Case by Agreeing to Pay ₹6.55 Crore

The proposed IPO includes a fresh issue of equity shares amounting to Rs 680 crore and an offer-for-sale (OFS) of 1.86 crore shares by promoters and an existing investor, as outlined in the draft red herring prospectus (DRHP) submitted on Saturday.

The company, in its 2024 listing plans, is set to leverage the IPO for further expansion and development. The OFS involves shares from Sanjeev Jain, Sandeep Jain, and Ruby QC Investment Holdings Pte Ltd. Additionally, Akums is exploring the possibility of a pre-IPO placement to raise Rs 136 crore, which could impact the size of the fresh issue.

The funds raised from the fresh issue are earmarked for key purposes, including debt repayment, addressing working capital requirements, pursuing inorganic growth through acquisitions, and covering general corporate needs.

Established in 2004, Akums is a pharmaceutical Contract Development and Manufacturing Organization (CDMO) that offers a comprehensive range of pharmaceutical products and services both in India and overseas. Notable clients as of September 30, 2023, include Alembic Pharmaceuticals, Alkem Laboratories, Cipla, Dabur India, Dr. Reddy’s Laboratories, Sun Pharmaceutical Industries, among others.

Read Also | Closings and Debuts: IPOs to Watch in the Coming Week – Valiant Laboratories, Plaza Wires, and More

The IPO is being managed by renowned institutions, with ICICI Securities, Axis Capital, Citigroup Global Markets India, and Ambit Pvt Ltd serving as the running lead managers for the issue. Akums’ move towards an IPO reflects its strategic vision for growth and market expansion in the pharmaceutical sector.

Latest articles

WhatsApp Unveils Handy Pop-Out Chat Feature for Windows Beta

WhatsApp is set to revolutionize user experience with the introduction of a new pop-out...

Not-So-Neighborly Hollywood Stars: Tales of Trespassing and Turmoil

Living next to a Hollywood celebrity might sound like a dream, but for some...

Global Recognition: ‘Drishyam’ Franchise Set for Hollywood Remake After Korean Success

The Drishyam franchise, celebrated for its triumph in India and China, is poised for...

More like this

Bumble Initiates Restructuring, Announces Workforce Reduction

Bumble, the popular dating app, has disclosed plans to terminate approximately 30% of its...

Dailyhunt Nearing Acquisition of Indian Social Network Koo

Dailyhunt is reportedly in the final stages of discussions to acquire Koo, a Bengaluru-based...

Expedia Announces 1,500 Jobs Layout Amid Shifting Travel Landscape

Expedia Group is set to trim its global workforce by 9%, amounting to approximately...
Enable Notifications OK