Emcure Pharmaceuticals withdraws proposed IPO

NEW DELHI: Emcure Pharmaceuticals has withdrawn its proposed initial public offer, which was looking to raise up to Rs 500 crore, making it fourth withdrawal this year.

The Pune-based pharma company had filed draft offer documents with the Securities and Exchange Board of India ( Sebi) for the proposed IPO in June last year.

The proposed issue comprised of fresh issue of up to Rs 300 crore and an offer for sale of up to 25,13,057 equity share.

However, the company through its lead merchant banker IDFC Capital withdrew its offer documents on June 6 this year, as per the latest update available with Sebi.

The pharma company intends to utilise the net proceeds for setting up of new manufacturing facilities and expansion of existing manufacturing facilities, research and development and general corporate purposes.

The company is engaged in developing, manufacturing and marketing a broad range of pharmaceutical products globally.

Emcure Pharmaceuticals operates nine manufacturing facilities, eight of which are located in India and one in the US.

Prior to Emcure Pharmaceuticals, three firms --Trimax IT Infrastructure and Services, BSCPL Infrastructure and GMR Energy-- had withdrawn their respective public offer plans this year so far.