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Alkem Laboratories gets SEBI’s nod for IPO

Alkem Laboratories gets SEBI’s nod for IPO

As per the draft papers, the company will come out with a public offer of up to 12,853,442 equity shares

Alkem Laboratories has received capital markets regulator Securities and Exchange Board of India’s (Sebi) approval to raise an estimated Rs 1,500-3,500-crore through an initial public offering (IPO). Alkem Laboratories filed the Draft Red Herring Prospectus (DRHP) with Sebi on August 6 for a public issue of its equity shares.

The (Sebi) has cleared the proposed initial share sale and gave its final observations on the IPO on October 19.

As per the draft papers, the company will come out with a public offer of up to 12,853,442 equity shares.

According to sources, the company is expected to mobilise Rs 1,500-3,500 crore through its maiden public offering.

The firm, which has a significant presence in the country, plans to expand its footprint internationally.

Mumbai-headquartered Alkem, which was founded in 1973, began operations as a healthcare marketing company.

It has proposed to list its shares on the NSE and BSE.

The issue is being managed by Nomura Financial Advisory and Securities (India), Axis Capital, J P Morgan India and Edelweiss Financial Services.

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