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Wednesday, April 05, 2006

Plethico Pharmaceuticals IPO opens on April 10

The 100% book-built initial public offer, IPO, of Plethico Pharmaceuticals, one of India’s fastest growing pharmaceutical companies in the herbal and nutraceuticals space having global presence, will open for subscription on April 10, 2006, as per the company announcements.

The issue will close on April 17, 2006. The price band has been fixed at Rs 280 to Rs 300.

Plethico expects to raise Rs 110 crore (Rs 1.10 billion) through the IPO. Of the total issue, 60% will be allocated to QIBs, 10% to non-institutional investors and the balance to the retail investors.

The shares will be listed on the Bombay Stock Exchange and the National Stock Exchange.

Shashikant Patel, Chairman & Managing Director said, “Our motto is ‘Pledged to Ethics’ and we strongly believe that this IPO will enable investors to participate in our success story. We have been in the pharma business for over 40 years. We are a fast growing company and our past track record is a testimony to the pace at which we have grown.”

Plethico has chosen the path of being a multi-product company, with a large global presence and has the following product range: Herbal and Allopathic Formulations, Consumer Healthcare Products and Nutraceuticals, Food Supplements, Disposables and Hospitals Consumables, and Veterinary Products. The company has a portfolio of more than 400 formulations in more than 39 therapeutic segments.

Plethico has two fully integrated state-of-the-art manufacturing units located near Indore, which serve as the backbone of the entire operations. These facilities are being upgraded as per stringent norms of UK MHRA.

For the year ended September 2005, it had a total gross block of Rs 115.51 crore (Rs 1.15 billion). It recorded total revenues of Rs 224.48 crore (Rs 2.24 billion) in 2004-05 and Rs 64.21 crore (Rs 642 million) for the quarter ended December 2005, with PAT of Rs 56.13 crore (Rs 561.3 million) and Rs 18.54 crore (Rs 185.4 million), respectively.

Anand Rathi Securities is the sole book running lead manager and Enam Securities is the Syndicate Member, while Intime Spectrum Registry is the registrar to the issue.

Plethico Pharmaceuticals was established in the year 1985, with the objective of establishing as one of the major players in the domestic pharma market. It manufactures a wide range of products in various therapeutic segments like anti-malarials, anti-tuberculars, anti-asthmatics, antibiotics, NSAIDs, Nutraceuticals, anti-invectives, anti-bacterials, herbal products, etc. It exports to more than 45 countries with strategic tie-ups and a strong marketing and global distribution network in the Russia/CIS region, the African Continent, Latin American Countries, Middle East and South East Asia.

Plethico has chalked out ambitious plans for focused marketing in East Europe, GCC and South East Asian Countries. Plethico has always adopted the “Branded Generic” model for marketing allopathic formulations in India. This model has been replicated in the semi-regulated markets spanning Asia, Africa, Latin America and Russia/CIS regions.

Plethico’s formulation business operates in over 45 countries including India. The company employs approximately 250 sales personnel across these markets; of these over 150 sales representatives and front line managers are employed in markets outside India.


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