Hindustan Laboratories Limited has filed draft IPO papers with SEBI, seeking approval for its proposed public issue.
The proposed IPO includes a fresh issue of up to 5,000,000 equity shares and an offer for sale of up to 9,100,000 equity shares, taking the total issue size to up to 14,100,000 equity shares of face value ₹10. The company is promoted by Rajesh Vasantray Doshi, Kunjal C. Dedhia and Krishiv Rajesh Doshi.
The company proposes to utilise the net proceeds from the fresh issue primarily towards working capital requirements and general corporate purposes.
Hindustan Laboratories is engaged in manufacturing and supplying generic pharmaceutical formulations, mainly catering to government institutions under B2G procurement contracts. Its customers include central government agencies under the Ministry of Health and Family Welfare and state government bodies.
The company’s products are supplied either under brand names or generic names, depending on procurement norms, and are distributed across 27 states and Union Territories.
The equity shares are proposed to be listed on BSE Limited and NSE. Choice Capital Advisors Private Limited is the book running lead manager to the issue.
