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Tuesday, May 06, 2008

Anu’s Labs IPO opens May 12; Price band fixed at Rs 200-210

Anu’s Laboratories, engaged in the manufacture of basic, advanced intermediates and fine chemicals and supplying them to various drug manufacturers, proposes to enter the capital markets on 12th May 2008 with a public issue of 38,20,000 Equity shares of Rs 10 each through 100% book building process. The price band has been fixed at Rs 200 to Rs 210 per equity share of Rs 10 each and the issue closes on 15th May 2008.

After allowing for reservation of 2,00,000 equity shares for eligible employees, the net issue to the public will be 36,20,000 equity shares, constituting 31.63% of the post issue paid-up capital of the company. The IPO has been graded by ICRA and has assigned “ICRA IPO Grade 2” to the Initial Public Offering. Almondz Global Securities Ltd, is the BRLM and Karvy Computershare Pvt Ltd is the Registrar for the Issue. The Equity shares are proposed to be listed on BSE.

Anu’s Laboratories was incorporated in 1996 for manufacture of Bulk Active Pharma Ingredients and Intermediates for drug molecules and was promoted by Mr. K. Hari Babu. Mr. N.S. Walimbe joined as co-promoter in 1997. The present manufacturing plant of Anu’s Laboratories Limited is located at Chilakamarri Village, Shadnagar of Mehboobnagar district in Andhra Pradesh. The Company is engaged in manufacture of Basic & Advanced Intermediates and fine chemicals and is presently having manufacturing facilities for key intermediates like 2,4-Dichloro-5-Fluoro Acetophenone (DCFA) (an intermediate for synthesizing quinolone antibiotics like ciprofloxacin); Chlorohexanone (key intermediate in the manufacture of cardio vascular medicine) and Methyl-4 (4-Chloro 1 oxo butane) a, a Di-Methyl Acetate (an intermediate in the manufacture of Fexofenadine an anti allergic drug).

The Company had started export of its products in the year 2002 to Israel followed by exports to other countries like Italy, Japan, France, USA and Singapore. Currently, its exports comprise of 19.97% of its total turnover.

The Company’s total income during the Financial Year ended March 31, 2007 was Rs 12,129.52 lakhs as against Rs. 9,533.93 lakhs in the Financial Year ended March 31, 2006 and the net profit during the corresponding period was Rs 1,359.15 lakhs against Rs. 557.25 lakhs respectively. The total income and the net profit for the nine months period ended December 31, 2007 were Rs. 11,382.26 lakhs and Rs. 1,312.36 lakhs respectively.

In order to diversify and expand its business activities by means of forward integration, the Company has decided to expand its operations by setting up a new plant for manufacturing of drug intermediates including Active Pharmaceutical Ingredients (APIs) at Vishakhapatnam at an estimated cost of Rs 55.09 crores and setting up a pilot plant for carrying out Contract Research and Manufacturing (CRAM) at Vishakhapatnam at an estimated cost of Rs 8.34 crores. The long term working capital requirements would be Rs 16.67 crores. The Company plans to meet the aforesaid objects by means of issue proceeds and internal accruals.

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