Chennai-based vaccine manufacturing firm Green Signal Biopharma Limited is entering the capital market with an initial public offering of 1.45 crores equity shares of face value of ₹10 each. The equity shares are offered by the company’s promoters, group promoters and individuals.

The equity shares are being offered in the price band of ₹76-₹80. The offer will constitute 38 per cent of the fully diluted post offer paid-up equity share capital of the company. The company aims to raise ₹116 crore and the proceeds will go the promoters.

Speaking to media persons during a press conference today, P Murali, Managing Director, said the company has two product offerings – BCG vaccine for immunisation against tuberculosis and BCG- ONCO for treating urinary bladder carcinoma that goes by the name Urovac. The Ministry of Health and Family Welfare, Government of India and UNICEF are the major clients of the company. Apart from UNICEF , the company exports vaccines to Indonesia and Nepal.

BCG vaccine contributed close to 82.3 per cent to the overall revenue for the period ended March 31, 2016. For the first time in the last five years, the company reported a profit of ₹5.30 crores for the financial year FY16 owing to widening export market in the last two years.

The company has one manufacturing facility in Chennai with a capacity to produce 10 million vials. The current capacity utilisation is 45 per cent. There are plans for building more manufacturing facilities, animal house for testing and a research and development centre.

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