Innova Captab Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹448
Per ShareLot Size
33 Shares
Minimum Investment
₹14,784
Issue Size
₹570 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Innova Captab Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
65.94%
Promoter Holding (Post-Issue)
50.89%
Issue Type
Book Building
ISIN
INE0DUT01020
About the Company
Innova Captab Limited is an integrated pharmaceutical company in India with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports. Its business includes (i) a CDMO business providing research, product development and manufacturing services to Indian pharmaceutical companies, (ii) a domestic branded generics business and (iii) an international branded generics business. In Fiscal 2022, among Indian formulation CDMO players considered in the CRISIL Report, the company recorded the third highest operating revenue, the second highest operating profit margin, the third highest net profit margin and the second highest return on capital employed.
Industry Overview
The Indian CDMO market has grown at a rate of 14% in the last five years from Fiscal 2018 to Fiscal 2023, and CRISIL Research expects this trend to continue over the next five years from Fiscal 2023 to Fiscal 2028 with the Indian CDMO market projected to grow at approximately a 12-14% CAGR over the next five years from Rs. 1,310 billion in Fiscal 2023 to Rs.2,400-2,500 billion in Fiscal 2028. According to CRISIL Research, in dosage terms, oral solids dominate the Indian formulations industry with approximately 63% share in value terms and 62% in volume terms in Fiscal 2023. Similarly, the injectables segment constituted 14-15% (in value terms) and approximately 14% (in volume terms) of all dosage forms catered by domestic formulations industry in Fiscal 2023.
Company History
Innova Captab Limited was incorporated in Mumbai, Maharashtra, as`Harun Health Care Private Limited', a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated January 3, 2005, issued by the Registrar of Companies, Maharashtra at Mumbai (the "RoC"). Thereafter, pursuant to a resolution passed by its Shareholders in the extraordinary general meeting held on December 26, 2009, the name of the Company was changed from `Harun Health Care Private Limited' to `Innova Captab Private Limited', and consequently, a fresh certificate of incorporation dated February 2, 2010, was issued by the RoC to the Company. Subsequently, the Company was converted from a private limited company to a public limited company, pursuant to a resolution passed by its Shareholders in the extraordinary general meeting held on July 12, 2018, and consequently, the name of the Company was changed to its present name, `Innova Captab Limited', and a fresh certificate of incorporation dated July 26, 2018, was issued by the RoC to the Company.
Products & Services
- Innova Captab Limited is an integrated pharmaceutical company in India with a presence across the pharmaceuticals value chain.
Growth Strategy
- Expansion of its manufacturing capacities.
- Integration of the acquired Sharon business.
- Expand the wallet share of existing customers and develop new customers.
- Continued focus on its R&D operations.
- Growing its international export business.
- Expanding its domestic branded generics business.
- Growth through strategic acquisitions.
Customer Base
Wholesalers and Retailers
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 12,723,214^ equity shares of face value of Rs. 10 each ("Equity Shares") of the company for cash at a price of Rs. 448 per equity share (including a share premium of Rs. 438 per equity share) ("Offer Price") aggregating Rs. 570.00 crores ("Offer"). The offer comprises of a fresh issue of 7,142,857 equity shares aggregating Rs. 320.00 crores ("Fresh Issue") and an offer for sale of 5,580,357 equity shares ("Offered Shares") aggregating Rs. 250.00 crores, comprising of 1,953,125 equity shares aggregating Rs. 87.50 crores by Manoj Kumar Lohariwala, 1,953,125 equity shares aggregating Rs. 87.50 crores by Vinay Kumar Lohariwala (together with Manoj Kumar Lohariwala, the "Promoter Selling Shareholders") and 1,674,107 equity shares aggregating Rs. 75.00 crores by Gian Parkash Aggarwal (the "Other Selling Shareholder", and together with the promoter selling shareholders, the "Selling Shareholders", and such offer for sale of equity shares by the selling shareholders, the "Offer for Sale"). The offer will constitute 22.23% of the postoffer paid up equity share capital of the company. The company, in consultation with the brlms, has undertaken the pre-ipo placements of (i) 1,412,430 cumulative compulsorily convertible preference shares ("ccps") at a price of Rs. 354.00 per ccps (including a premium of Rs. 344.00) aggregating to Rs. 50.00 crores, and (ii) 669,642 equity shares at a price of Rs. 448.00 per equity share (including a premium of Rs. 438.00) aggregating to Rs. 30.00 crores (together, the "pre-ipo placement"). Such 1,412,430 ccps have been converted into 1,412,430 equity shares in the ratio of one equity share for every ccps held. The size of the fresh issue of up to Rs. 400.00 crores as disclosed in in the draft red herring prospectus aggregate, been reduced by Rs. 80.00 crores pursuant to the pre-ipo placement and, accordingly, the revised size of the fresh issue is up to Rs. 320.00 crores. The face value of the equity share is Rs. 10 each. The offer price is 44.80 times the face value of the equity shares. ^Subject to finalisation of basis of allotment.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- leading presence and one of the fastest growing CDMOs in the Indian pharmaceutical formulations market.
- Well established relationships with its marquee CDMO customer base.
- Highly efficient operations, including its world class manufacturing facilities and supply chain.
- Rapidly growing domestic and international export branded generics businesses.
- Strong R&D focus to build an increasingly complex product portfolio and attract and retain customers.
- Its Restated Consolidated Financial Information are not comparable on a period-to-period basis and to any future financial results that its may prepare and further, the company Pro Forma Condensed Consolidated Financial Information have not been prepared in accordance with generally accepted accounting principles including accounting standard and therefore, is subject to change and may not give an accurate picture of its factual results of operations or financial condition.
- The company operate in a market that is highly competitive. Its compete to provide outsourced pharmaceutical manufacturing services or CDMO services and products, particularly for formulations, to pharmaceutical companies in India and other jurisdictions. In addition, its branded generic products compete with generic products of other suppliers in India and other jurisdictions.
- The company has recently acquired Sharon, and does not yet know whether it will achieve the expected benefits from such acquisition, which could materially adversely affect its business, results of operation, cash flows and financial condition.
- Its business is dependent and will continue to depend on the company manufacturing facilities, and its subject to certain risks in the company's manufacturing process such as the breakdown or failure of equipment, industrial accidents, severe weather conditions and natural disasters.
- The company depends on a limited number of contract development and manufacturing organization ("CDMO") customers. Any reduction in the number of CDMO customers and adverse developments or inability to enter into or maintain relationships with these CDMO customers could have an adverse effect on its business, results of operations and financial condition.