Ahmedabad-based pharma player Claris Lifesciences is planning to hit the capital markets with an initial public offering (IPO) of Rs 200-250 crore. The company has roped in Enam Securities, UBS and Edelweiss as lead managers and is in talks with Morgan Stanley. The company plans to dilute not more than 10 per cent under the IPO and has already seen a lot of interest from QIBs.
Meanwhile, Sushil Handa, founder CEO of Claris Lifesciences, may remain at the backstage and let his sons be at the helm of affairs, industry sources said.
At present, Handa is not on the company's board and may remain a consultant or advisor once it went public, sources close to the development told Business Standard.
Handa said he has been grooming his sons Arjun and Aditya and they were now ready to look after the company.
Core Healthcare, wherein Sushil Handa was one of the founders, which had defaulted, could well be hindering him being on the board of Claris, sources said. Handa refused to comment on issues relating to Core.
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Nirma acquired Core Healthcare in 2007 after the Gujarat High Court approved merger of Core's Sachana unit with Nirma.
Handa has recently exited from the board of the defunct Core Healthcare.
From a modest turnover of a few crores in the first year, Claris has got a global footprint in lifestyle drugs and was targetting a turnover of Rs 600 crore in 2007, a rise of about 50 per cent compared with 2006. Drawn by its growth, even Carlyle had picked up stake in Claris. A business school from abroad is doing a study on the rise of Claris Lifescience.