Mumbai-headquartered Macleods Pharmaceuticals has submitted draft papers with market regulator SEBI to launch its initial public offering (IPO). If the IPO proposal of Macleods Pharma is approved by SEBI, then it could be one of the biggest pharma IPO in the country.
Gland Pharma had floated an IPO of Rs 6,480 crore in November 2020, which is the biggest ever IPO by any pharma company in India. At the same time, in August last year, Emcure Pharma, with investment from Bain Capital, submitted a draft paper to bring an IPO of Rs 4,500-5,000 crore.
McLeods Pharma specializes in the development and production of API (Active Pharmaceutical Ingredients) and Finished Dose Pharmaceutical Ingredients (APIs) used as raw materials for pharmaceutical formulations. As per the IPO proposal, the IPO of Macleods Pharma will be purely Offer for Sale (OFS). This means that the company will not issue any new shares under this, rather the promoters and shareholders of the company will put their shares in front of the public for sale.
The churning is still going on for the valuation of Macleods Pharma and only after that the final size of the IPO will be announced. Under the offer for sale (OFS), 60,482,040 crore equity shares will be put up for sale by the promoters and shareholders.
Kotak Mahindra Capital, ICICI Securities, Citi, Nomura and Edelweiss Financial Services have been selected as investment bankers for this IPO. While Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas have been appointed as legal advisors.
A Look at Macleods Pharma
Dr Rajendra Agarwal, along with his brothers Girdhari Lal Bawri and Bandwari Lal Bawri, started Macleods Pharmaceuticals in 1986, with the aim of producing drugs for the treatment of TB disease.
Today this company is the 7th largest company in the country by sales in the Indian market. The company is engaged in the development, production and marketing of drugs in a range of key therapeutic areas including anti-infective, cardiovascular, anti-diabetic, skin diseases and hormone treatment. The company's revenue in FY21 stood at Rs 7,199 crore, out of which its EBITDA stood at Rs 2,096 crore.
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