Hindustan Laboratories has secured Securities and Exchange Board of India’s (SEBI's) approval to raise funds through initial public offering (IPO). The company's maiden public offering comprises a fresh issue of 50 lakh shares along with an Offer for sale (OFS) of 91 lakh shares by the promoter.
The company proposes to utilize IPO proceeds for funding the working capital requirements and general corporate purposes. Choice Capital Advisors has been appointed as the book-running lead manager to the issue. The shares of the company are proposed to be listed on BSE and NSE.
Hindustan Laboratories is an Indian pharmaceutical company primarily engaged in the large-scale manufacturing and supply of generic medicines to government institutions under a business-to-government (B2G) framework.
