Pune-based Emcure Pharmaceuticals has pulled out its proposed red herring prospectus or DRHP with securities market regulator SEBI. Emcure Pharmaceuticals on Wednesday said it has filed a draft red herring prospectus (DRHP) with the Sebi for launching an initial public offer. Pune-based Emcure Pharmaceuticals has filed draft red herring prospectus ( DRHP) with SEBI for initial public offering that includes fresh issue.
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Pune-based Emcure Pharmaceuticals has pulled out its proposed initial public offer IPO which was to raise around Rs crore besides giving part exit to Blackstone in its maiden investment in India.
Emcure Pharmaceuticals files for IPO; Blackstone to part exit
This follows a deal struck late last year where Blackstone sold its stake to Bain Capital for an undisclosed amount. Blackstone had invested Rs crore in Emcure through convertible shares and held Emcure is ranked among the top 15 pharmaceutical companies in India in terms of market share based on the domestic sales of pharmaceutical products.
It is ranked much higher in the therapeutic areas in which it operates. These areas include cardiology, pain and analgesics, HIV, gynecology, nephrology, anti-infective, and vitamins, minerals and nutrients. In AprilEmcure acquired Heritage Pharmaceuticals, a New Jersey-based generic pharmaceutical company, which provided it a commercial platform to market and sell its products.
Emcure Pharmaceuticals files IPO papers with SEBI –
For the nine months ended December 31,Emcure’s revenue from operations was Rs 1, crore with net profit at Rs Of these revenues, Emcure becomes the first proposed IPO to be withdrawn after the election results and the fourth since January 1 this year.
Interestingly, all the firms which decided not to go ahead with public floats are backed by private equity investors. BSCPL is an infrastructure development company which operates in road, irrigation, real estate and hydro power projects.
The firm is now evaluating options for an offshore listing. Edited by Joby Puthuparampil Johnson. Emcure Pharmaceuticals withdraws proposed IPO.
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