Sudeep Pharma has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO is a combination of fresh issuance of equity shares worth Rs 95 crore with an offer for sale of up to 1,00,76,492 shares by the promoter selling shareholders.
The proceeds from its fresh issuance to the extent of Rs 75.81 crore for capital expenditure towards procurement of machinery for its production line located at Nandesari facility, Gujarat, and general corporate purposes. ICICI Securities and IIFL Capital Services are the book-running lead managers to the IPO. The shares of the company are proposed to be listed on the BSE and the NSE.
Since its inception in 1989, Sudeep Pharma have expanded its operations from production of excipients (colouring agents and preservatives) to a wide variety of over 100 products in the pharma, food and nutrition industries, as of December 31, 2024. The company's business is primarily structured into two verticals: pharmaceutical, food and nutrition and specialty ingredients. It operates three manufacturing facilities in Vadodara with a combined annual manufacturing capacity of 65,579 metric tonnes.
