GreenSignal Bio Pharma gets Sebi nod for IPO

GreenSignal Bio Pharma (GSBPL) has received the Securities and Exchange Board of India's (Sebi) approval for its proposed initial public offering (IPO) through offer for sale.

The offering comprises 1,45,79,560 equity shares of GSBPL, representing 38 per cent of its equity share capital for cash through an offer for sale by the selling share-holders through the book building process, a company statement said in Mumbai.

GSBPL manufactures BCG vaccine against tuberculosis for newborn children. It is one of the four companies worldwide who have been WHO-prequalified to supply BCG vaccines to the UNICEF.

The company has established itself in the Indian vaccine market and its products are also exported to 17 countries either directly through the UNICEF or indirectly through other arrangements.

Indian Overseas Bank is the global co-ordinator and book running lead manager to the offer.