Aragen Life Sciences has filed draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 800 crore through an Initial Public Offering (IPO). Apart from the fresh issue, there will be an offer for sale (OFS) of 2.73 crore equity shares by selling shareholders.
Proceeds from the fresh issue will fund the repayment and/or pre-payment of borrowings, capital expenditure for purchasing new equipment and machinery at the company's facilities in Hyderabad, and capital expenditure at its material subsidiary Aragen Biologics’ facility in Bengaluru. A portion of the proceeds will also be used for general corporate purposes. Axis Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities and JM Financial are the book-running lead managers to the issue.
Aragen Life Sciences is an integrated CRDMO serving global innovator companies and emerging firms across the life sciences industry. Its offerings span contract discovery and pre-clinical research as well as contract development and manufacturing services for small molecules and biologics.
