TCG Lifesciences IPO
TCG Lifesciences, promoted by Purnendu Chatterjee and TCG Lifesciences Mauritius, has today filed Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its proposed public issue.
The company plans to issue 95 lakh equity shares of Rs 10 each for cash. The price will be decided through 100% book-building process. The issue will constitute 14.41% of fully diluted paid-up capital of the company and the net issue will constitute 13.65% of the paid-up capital, TCG said in a release. The company is also considering a pre-IPO placement of upto 15 lakh shares with private investors, it added.
The company is planning to use the IPO proceeds to finance capital expenditure, finance capital investments in subsidiaries, repay debt and for general corporate purposes. Kotak Mahindra Capital Company and Enam Securities are the lead managers for the issue.
The company is planning to allocate 60% of the net issue to qualified intitutional buyers, out of which 5% will be reserved for mutual funds. 10% will be allocated to non-institutional bidders and 30% of the net issue for retail investors, it said.
Incorporated in August 1998, the company offers services inlcuding discovery research, translational research, clinical development and enterprise informatics. Currently, its clients include 15 of the top 20 pharmaceutical companies in the world in 2006. Its facilities are located at Kolkata, Mumbai, New Delhi, Pune, New Jersey (the US) and High Wycombe (the UK).
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