SPC Life Sciences files DRHP for proposed IPO

SPC Life Sciences, the Vadodara-based maker of pharmaceutical intermediates, on Tuesday said it has filed its Draft Red Herring Prospectus (DRHP) with market regulator Sebi.

The public issue will consist of fresh issue of equity shares of up to Rs. 300 crore and offer for sale (OFS) of up to 8,938,870 equity shares to the promoter Snehal Ravjibhai Patel.
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The face value of equity share is Rs.10 each.


SPC said it proposes to utilize the net proceeds of the fresh issue towards repayment of debt to the tune of Rs 55 crore, funding capex that includes investing Rs 122 crore for setting up phase -2 unit at Dahej to expand product offerings and Rs 40 crore earmarked towards working capital requirements and the rest for general corporate purposes.

SPC has a USFDA approved facility for 6-Chloro-Hexane-2-One that's used in manufacture of cardiovascular drug pentoxifylline.

The company develops pharma intermediates and works with pharmaceutical companies who seek USFDA compliant manufacturing facilities as a part of their supply chain.

Ambit and HDFC Bank are the Book Running Lead Managers to the IPO issue.