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Our Bureau

Issue opens on June 18 and closes on June 22

Mumbai June 12 Celestial Labs Ltd, a Hyderabad based company in the bio-informatics and bio-technology sector, will be entering the capital markets with an initial public issue of 50-lakh equity shares of Rs 10 each at a price of Rs 60 per share aggregating Rs 30 crore.

The issue will open on June 18 and close on June 22. Of the total issue, 2-lakh shares have been reserved for employees and the net offer to the public constitutes 48-lakh shares. The issue comprises of 44.67 per cent of the fully dilutes post-issue paid capital of the company.

To boost facility

The company plans to use the issue proceeds for enhancing existing infrastructure for bio informatics, for setting up of infrastructure for manufacturing of enzymes and for related activities.

Crisil has assigned an IPO grade of 1 for the company's public issue indicating poor fundamentals. The company offers enterprise resources, planning solutions, database warehousing and bio services like clinical data management, molecular modelling and design and development of drug molecules.

It has developed Denovo drug design tool for the first time in India to reduce the life cycle of the new drug molecule development from 10 years to 5 years. The company has filed for two drug molecule patents in India. It recorded net sales at Rs 14.12 crore for the year ended March 31, 2007, while the net profit stood at Rs 5.14 crore. Chartered Capital and Investment Ltd is the book running lead manager to the issue.

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