Innova Captab plans ₹900 crore IPO
PremiumThe company’s customers include well established brands such as Ajanta Pharma and Mankind
MUMBAI : Innova Captab, a pharma company with presence in research and development, manufacturing, drug distribution, has raised ₹50 crore from UTI AMC arm UTI Capital at a valuation of ₹2,400 crore, said two people aware of the development on condition of anonymity.
The fundraise is a pre-initial public offering (IPO) round and the company plans to soon file its draft prospectus for an IPO, through which the company is likely to raise as much as ₹700-900 crore.
“Innova Captab is working with investment banks JM Financial and ICICI Securities on its IPO," said one of the persons mentioned above.
An email sent to Innova Captab and UTi Capital did not elicit a response till press time.
Innova was founded as a partnership firm in 2005. It has two World Health Organization Good Manufacturing Practices certified manufacturing facilities in Baddi and also has a Council of Scientific and Industrial Research approved research and development facility. It customizes multiple dosages including those of tablets, capsules, dry syrups, ointments, liquid orals, and sachets. The company’s customers include well established pharma brands such as Ajanta Pharma, Mankind Pharma, Sun Pharma, Abbott Pharma, Cipla, Glenmark Pharma, Lupin, and Emcure Pharma for which it does contract research and manufacturing. On the generics side it has a portfolio of more than 400 products sold through more than 3,400 stockists and distributors covering almost 96,000 retail touchpoints.
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Innova’s total income grew 9.82% from ₹374.6 crore to ₹412 crore between FY20 and FY21, while profit grew from ₹27.8 crore to ₹34.5 crore because of higher export sales and higher sales under various brand names by wholly-owned subsidiaries, according to the filing with the ROC. Profit after tax margins improved from 7.44% in FY20 to 8.39% in FY21.