Bulk drug and intermediates maker Calyx Chemicals and Pharmaceuticals plans to hit the market with an initial public offering (IPO) in the first half of 2013. The company has already filed a draft red herring prospectus for the same in the last week of September.
Calyx had earlier planned to go for an IPO last year and had filed a DRHP for the purpose in March 2011. "However, we decided to hold the listing for a while as the markets were volatile. We have re-filed the DRHP in the last week of September, and would go for listing in the first half of 2013", said Smitesh C Shah, promoter, chairman and managing director of Calyx.
He added that the money raised from the IPO would be used partly for expansion, part for debt-repayment and rest for working capital.
The 500 people strong company which employs around a 100 people in its research and development team, is focussing on bulk drugs for chronic therapies. "We already are present in areas like anti-infectives, anti-malarial etc, and we are now focussing on areas like HIV, anti-hypertension and anti-diabetic segments", Shah said.
Chronic therapies are clocking a growth rate of over 15 per cent in the domestic market, he added. Calyx, thus, is working to develop active pharmaceutical ingredients (APIs) for new therapeutic areas.
The Rs 595 crore company is eying a 20-25 per cent growth during the fiscal. Exports are also in focus. At present, around 35 per cent of its revenues come from exports to markets like Japan, African and Latin American and South Asian countries as well other pharma emerging markets.
