SPC Life Sciences Limited Files DRHP With SEBI

SPC Life Sciences Limited (“The Company”) one of India’s leading manufacturers of advanced intermediates for certain key active pharmaceutical ingredients (“APIs”) has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

Equipped with a US FDA-approved facility for 6-Chloro-Hexane-2-One, the company can develop pharma intermediates and work with pharmaceutical companies who seek US FDA compliant manufacturing facilities as a part of their supply chain.

The Company plans to raise fund through initial public offering comprising (i) fresh issue of equity shares aggregating up to ₹ 3,000 million and (ii) offer for sale of up to 8,938,870 equity shares.  The face value of equity share is ₹ 10 each.

The Company proposes to utilize the net proceeds of the Fresh Issuetowards funding the following objectives- (i) Re-payment/Prepayment of certain outstanding borrowings availed by the Company amounting to be ₹ 550 million; (ii) Funding of capital expenditure requirements of the Company towards setting up Phase – 2 at Dahej facility to expand its product offerings of pharmaceutical intermediates amounting to be ₹ 1,223.23 million; (iii) Funding working capital requirements amounting to ₹ 400 million and (iv)balance amount towards general corporate purposes.

The offer for sale of equity shares comprises of up to 8,938,870 equity shares by SnehalRavjibhai Patel. (The “Promoter Selling Shareholder”)

Ambit Private Limited and HDFC Bank Limited are the Book Running Lead Managers to the IPO issue.

The advanced pharmaceutical intermediates (“Pharma Intermediates”) manufactured by the company are used in certain growing therapeutic areas including cardiovascular, vasodilator (anti-platelet), anti-psychotic and anti-depressants, with significant market share both in India and globally for some of the products. (Source: F&S Report).