BackEmcure Pharmaceuticals withdraws proposed IPO
The proposed IPO comprised of fresh issue of up to `300 crore and an offer for sale of up to 25,13,057 equity share
Premium
Emcure Pharmaceuticals Ltd has withdrawn its proposed initial public offer, which was looking to raise up to ₹ 500 crore, making it the fourth withdrawal this year.
The Pune-based pharma company had filed draft offer documents with the Securities and Exchange Board of India (Sebi) for the proposed IPO in June last year.
The proposed issue comprised of fresh issue of up to ₹ 300 crore and an offer for sale of up to 25,13,057 equity share.
However, the company through its lead merchant banker IDFC Capital withdrew its offer documents on 6 June this year, as per the latest update available with Sebi.
The pharma company intends to utilize the net proceeds for setting up of new manufacturing facilities and expansion of existing manufacturing facilities, research and development and general corporate purposes.
The company is engaged in developing, manufacturing and marketing a broad range of pharmaceutical products globally.
Emcure Pharmaceuticals operates nine manufacturing facilities, eight of which are located in India and one in the US.
Prior to Emcure Pharmaceuticals, three firms—Trimax IT Infrastructure and Services Ltd, BSCPL Infrastructure Ltd and GMR Energy—had withdrawn their respective public offer plans this year so far.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
