Mumbai: Drug-maker, Claris Lifesciences, which debuted on the Bombay Stock Exchange (BSE) on Monday, said that the Rs300 crore raised through its initial public offer (IPO) would be utilised for increasing its manufacturing capacity and other expansion plans.
The scrip opened at a discount of 1.57% at Rs224.40 as against the issue price of Rs228.
“We plan to use the proceeds for our expansion plans as well as to increase our manufacturing capacity in the current technologies which we are in. This will help us to scale-up our business,” the company’s managing director and CEO, Arjun Handa, told reporters here.
The leading sterile injectables pharmaceutical company, had fixed a price-band of Rs278-293 for its IPO
However, since the company received a very lukewarm response, it had extended the closing date of the IPO and also lowered its price-band to Rs228-Rs235.
The company plans to set up a new plant comprising a small volume parenterals line, a PVC bag line, a non-PVC bag line and a fat emulsion line.
“We would be setting up a new manufacturing line for propofol and other fat emulsion products at our existing plant, Clarion IV and also construct a facility for research and development at our Clarion manufacturing facilities,” he said.
The company, which has its presence in 76 countries, said that it was also looking at new geographies and new product lines for expansion.
“We have got several new products in the pipeline. New products and new geographies would be our key areas of focus in the coming years. At present, we would be focusing on our current geographies with new product lines in it,” Handa said.
However, he refused to divulge any details on the growth expectations of the company.
The company’s product offering comprises of 113 products across multiple markets and therapeutic areas. All of its products are off-patent products, a significant majority of which are capable of being directly injected into the body and are predominantly used in the treatment of critical illnesses.