Speciality Medicines, engaged in the marketing and distribution of speciality pharmaceutical products across multiple therapeutic areas, plans to raise ₹29 crore through an initial public offering on BSE SME platform.
The company will issue 23.50 lakh equity shares in the price band of ₹117- ₹124 a share. The issue opens for investing on March 20.
The net proceeds from the IPO will be used to set up of Research and Development centre, product registration in the international markets and product development for sale in international markets, funding for marketing and promotional activities, to meet working capital requirements and general corporate purposes.
Unistone Capital has been appointed as the Book Running Lead Manager while Skyline Financial Services will be the Registrar to the issue.
Parth Goyani, Chairman & Managing Director, Speciality Medicines said the company provides access to high-value speciality pharmaceutical products across critical therapeutic areas such as oncology, immunology and neurology.
Over the years, the company’s distribution strength, customer relationships and product portfolio have helped expand presence in over 20 states and several international markets, he said.
Brijesh Parekh, Founder & Director of Unistone Capital said the company has built a strong presence in the speciality pharmaceuticals segment with a diversified portfolio products and a growing footprint across India and international markets, he said.
The company’s focus on high-value therapeutic areas and its strong distribution network position it well to capture opportunities in the rapidly expanding specialty pharmaceutical market, he said.