Anu Labs plans to raise Rs 90 cr via IPO
Hyderabad-based Anu’s has filed the initial papers with the market regulator to issue 4 million shares, which would constitute 33.1 per cent of the post-issue capital. The proceeds would be mainly used to set up a bulk drug manufacturing unit in Visakhapatnam, that is being set up to help the company move up the value chain, Hari Babu told reporters at a media interaction.
“We see opportunity… to serve customers in the regulated market,” Babu said. “We would like to look at contract research and manufacturing.”
The company makes raw materials for ciprofloxacin, an antibiotic, and other drug raw materials at its manufacturing unit in Andhra Pradesh.
The company has reserved 50 per cent of the issue for institutional investors, 15 per cent for non-institutions and the rest for retail investors.
In 2006/07, the company posted a net profit of Rs 13.6 crore on net sales of Rs 108 crore.
Almondz Global Securities will be the book running lead manager to the issue.
