SPC Lifesciences files draft red herring prospectus for IPO

Pharmaceutical ingredients maker SPC Lifesciences Ltd has filed Draft Red Herring Prospectus (DRHP) papers with the capital market regulator SEBI to raise funds through an initial public offering (IPO).

According to the DRHP papers, the company plans to raise up to Rs 300 crore through fresh issuance of equity shares and an Offer For Sale (OFS) of 89.39 lakh equity shares by its promoter Snehal Rajivbhai Patel. The face value of equity shares is Rs 10 each.

Further, the funds raised from the fresh issue, amounting to Rs 55 crore, will be utilized for the purpose of debt repayment, while Rs 40 crore will be allocated for meeting the company's working capital requirements.

SPC has a USFDA approved facility for 6-Chloro-Hexane-2-One that's used in the manufacture of the cardiovascular drug pentoxifylline.

Vadodara-based pharma company develops pharma intermediates and works with pharmaceutical companies who seek USFDA compliant manufacturing facilities as a part of their supply chain.

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