 "Innova Captab, Blue Jet Healthcare get Sebi's nod to float IPO")
Pharmaceutical companies Innova Captab Ltd and Blue Jet Healthcare have received Sebi's go-ahead to raise funds through initial public offering (IPO).
The two firms, which filed their preliminary papers with Sebi between June and September 2022, obtained its observation letters during January 9-11, an update with Sebi showed on Tuesday.
In Sebi's parlance, its observation implies its go-ahead to launch the initial share-sale.
As per the draft papers, Innova Captab's proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore and an offer for sale (OFS) of 96 lakh equity shares by promoters and other shareholders.
Under the OFS, Manoj Kumar Lohariwala, Vinay Kumar Lohariwala and Gian Parkash Aggarwal will sell 32 lakh shares each.
Of the Rs 400 crore proposed to be raised through fresh issuance of equity shares, Rs 180.5 crore will be used for payment of debt, Rs 29.5 crore for payment of loans availed by its subsidiary UML, and Rs 90 crore for funding working capital requirements.
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Innova Captab is an integrated pharmaceutical company in India with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports.
The IPO of pharmaceutical ingredients maker Blue Jet Healthcare is completely an OFS of up to 21,683,178 equity shares by promoters Akshay Bansarilal Arora and Shiven Akshay Arora.
The Mumbai-based firm offers niche products targeted toward innovator pharmaceutical companies and multinational generic pharmaceutical companies.
Shares of both companies will be listed on the stock exchanges -- BSE and NSE.
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