The Hindu Business Line : Bafna Pharma looks to raise Rs 25 cr through IPO

Chennai, May 23 Bafna Pharmaceuticals Ltd, a Chennai-based formulations company, hopes to raise Rs 25.60 crore through an initial public offer to fund its market expansion and R&D programme.

According to a press release from the company, it will issue 64 lakh equity shares of Rs 10 each at a premium of Rs 30 a share amounting to 40 per cent of the company’s post-issue paid up capital. The issue opens on May 27 and closes on May 30.

The company has two manufacturing facilities near Chennai — a 100 per cent export oriented unit at Madhavaram and another facility at Grantlayon village to tap the regulated markets in Europe. The Grantlayon facility to make non-betalactum products in solid oral and dosage forms, is a GMP-compliant export unit which is expected to start commercial production once it gets the Medicines and Health Care Products Regulatory Agency approval. The funds from the public issue are also to be used to meet the expenses of this certification process.

The company will launch a brand building exercise in the domestic and export markets, where it plans to register and launch its own brands, strengthen the R&D facility at the Grantlayon Plant and retire high-cost debts through the IPO proceeds, the release said.

The company now makes betalactum and non-betalactum pharmaceutical formulations in tablets, capsules and liquid forms. It produces over 126 formulations for a range of therapeutic segments.

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