Comments
GreenSignal Bio Pharma (GSBPL) plans to raise ₹86-120 crore through an initial public offer. The Chennai-based vaccine manufacturing company has filed a draft red herring prospectus with the Securities and Exchange Board of India for the issue through an offer-for-sale (OFS).
The company will sell 1.45 crore share of face value ₹10 each at a premium to be decided through the book building process, which will see the promoter diluting stake by up to 38 per cent.
GSBPL is one of the four companies globally that have been prequalified by World Health Organisation to supply the BCG (Bacillus Calmette-Guerin) vaccines, which are administered to babies to protect them from being infected with severe forms of childhood tuberculosis. The supply is to be made to UNICEF.
Promoted by P Sundaraparipooranan and P Murali, the company produces BCG vaccine and BCG-ONCO for immunotherapy (freeze dried) BP for the treatment of urinary bladder carcinoma under the brand name Urovac. It has been supplying BCG vaccines to the Union Health Ministry and UNICEF.
“We are one of the two manufactures of BCG vaccines in India. We see a strong demand both in India and abroad going forward and we hope to capitalise on the growth opportunities,” P Murali, Managing Director, GSBPL, said here.
In 2015-16, it posted total revenues of ₹20 crore and a net profit of ₹5.3 crore. The domestic market accounts for 54 per cent of total revenues, while the rest comes from international business. It sells its BCG vaccine in 17 countries.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.