Innova Captab Ltd IPO

Innova Captab Limited was incorporated in Mumbai, Maharashtra, as`Harun Health Care Private Limited', a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated January 3, 2005, issued by the Registrar of Companies, Maharashtra at Mumbai (the RoC). Thereafter, pursuant to a resolution passed by its Shareholders in the extraordinary general meeting held on December 26, 2009, the name of the Company was changed from `Harun Health Care Private Limited' to `Innova Captab Private Limited', and consequently, a fresh certificate of incorporation dated February 2, 2010, was issued by the RoC to the Company. Subsequently, the Company was converted from a private limited company to a public limited company, pursuant to a resolution passed by its Shareholders in the extraordinary general meeting held on July 12, 2018, and consequently, the name of the Company was changed to its present name, `Innova Captab Limited', and a fresh certificate of incorporation dated July 26, 2018, was issued by the RoC to the Company.

The Indian CDMO market has grown at a rate of 14% in the last five years from Fiscal 2018 to Fiscal 2023, and CRISIL Research expects this trend to continue over the next five years from Fiscal 2023 to Fiscal 2028 with the Indian CDMO market projected to grow at approximately a 12-14% CAGR over the next five years from Rs. 1,310 billion in Fiscal 2023 to Rs.2,400-2,500 billion in Fiscal 2028. According to CRISIL Research, in dosage terms, oral solids dominate the Indian formulations industry with approximately 63% share in value terms and 62% in volume terms in Fiscal 2023. Similarly, the injectables segment constituted 14-15% (in value terms) and approximately 14% (in volume terms) of all dosage forms catered by domestic formulations industry in Fiscal 2023.

Innova Captab Limited 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. Its business includes (i) a CDMO business providing research, product development and manufacturing services to Indian pharmaceutical companies, (ii) a domestic branded generics business and (iii) an international branded generics business. In Fiscal 2022, among Indian formulation CDMO players considered in the CRISIL Report, the company recorded the third highest operating revenue, the second highest operating profit margin, the third highest net profit margin and the second highest return on capital employed.