Valiant Organics subsidiary files DRHP with SEBI for IPO

Valiant Laboratories, the material subsidiary of Valiant Organics, has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for fundraising via initial public offering (IPO). 

"The filing draft papers dated June 5 is in relation to its proposed IPO by way of fresh issue of up to 1,15,56,000 equity shares," the company said in its filing to exchanges on Tuesday.

Valiant Laboratories has proposed listing shares on BSE Limited, and the National Stock Exchange of India.

It is an active pharmaceutical ingredient (API) manufacturing company, having a focus on the manufacture of paracetamol.

The proposed listing and Issue price of Equity Shares is subject to many factors including but not limited to regulatory approvals, book building process under Indian regulations, external factors, and prevailing market conditions. Shareholders and potential Investors are advised to exercise caution before taking an investment decision on the Issue, the company said.

Meanwhile, Valiant Organic reported consolidated net sales at Rs 271.40 crore in March 2023 down 21.93% from Rs. 347.62 crore in March 2022. The net profit of the company stood at Rs. 29.76 crore in March 2023 down 4.32% from Rs. 31.10 crore in March 2022.

Source: Media reports