Avesthagen IPO : Avesthagen IPO soon
Avesthagen IPO : Avesthagen IPO soon
Bangalore-biotech firm Avestha Gengraine Technologies (Avesthagen) is preparing for an IPO. The company plans to raise $100 million through a combination of capital markets and a pre-IPO placement to private equity funds, reports Business Standard, quoting Avesthagen founder and CEO Villoo Morawala Patell.
Avesthagen is the largest venture funded company in India with about $42-44 million being raised from entities like
New York Life Investment Management India Fund ($5 million), and from a group of investors like Fidelity International, the French companies Groupe Limagrain and Daninvest of Groupe Danone ($32.5 million), besides $5-7 million from Indian corporates like Godrej, Cipla, the Tata Group and ICICI Venture.
Avesthagen is focussed on the convergence of food, pharmaceuticals and clinical genomics. The company provides solutions to agriculture and health disorders such as degenerative diseases, metabolic disorders and infections.
Avesthagen’s clients include food and pharma companies such as bioMerieux, Cipla, Godrej Industries, Nestle, Groupe Limagrain, and Danone. It plans to commercially launch some of its products for the bio-pharma and bio- nutritional markets in 2008.
