Financial Daily from THE HINDU group of publications
Friday, Mar 12, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 12, 2004 |
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Corporate
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IPOs Proalgen Biotech to come out with IPO Our Bureau
Chennai , March 11 PROALGEN Biotech, which makes carotenoids from algae, is to shortly come out with a public issue of equity shares to raise Rs 15.40 crore in order to expand its manufacturing capacity. At a press conference today, Mr N.S. Balamukundan, Proalgen's Managing Director, said the shares with a face value of Rs 10 would be offered for Rs 20. The promoters' equity holding would fall to 43 per cent in the event the issue is successful, he added. Proalgen manufactures natural mixed carotenoids and sells it under the brand name, Natrotene. Natural mixed carotenoids are pigments that are generally used in vitamins, and as supplements in the food industry. Proalgen's customers are largely pharmaceutical and food companies such as Universal Medicare and Carewell Pharma.
Mr Balasundram said Proalgen began commercial production last July, and expects to register a turnover of about Rs 1 crore in the current financial year. He added the company would make a profit in the range of Rs 20 lakh. Proalgen filed its offer document with the market regulator, SEBI, in the first week of March. The shares are proposed to be listed on the BSE and NSE. Ashika Capital is the lead manager to the issue.
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