Aanjaneya lifecare to raise Rs. 120 Crore through IPO

Mumbai: Drug maker Aanjaneya Lifecare is all set hit the capita market with an IPO at a price of Rs. 240 per share in the next few weeks. The company is expecting to raise around Rs.120 crore through the issue.
According to merchant bankers familiar with the issue, the company will make a fresh issue of 50 lakh shares. Sources said that the company is also considering a pre-IPO placement of around Rs. 20 crore with certain investors.

Aanjaneya Lifecare is a pharma company with manufacturing and marketing capabilities in APIs. It plans to utilize the issue proceeds to set up different plants like anti-cancer API facility, among others, and to expand existing R&D, to meet the expenses for branding and registration of products in international markets.

During FY10, the company's revenues grew by 79 percent to Rs. 1,616.7 million (FY09: Rs 901.3 million). Its net profit increased by 195 percent YoY to Rs. 150.7 million in FY10. Anand Rathi Advisors and IDBI Capital Market Services are book-running lead managers and Crawford Bayley is legal advisor to the issue.