Veeda Clinical Research refiles DRHP for IPO, targeting Rs 185 crore fresh issue

Veeda Clinical Research, backed by CX Partners, has refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its upcoming Initial Public Offering (IPO). This refiling comes after its earlier submission on September 27, 2021.

The IPO consists of a fresh issue worth Rs 185 crore, along with an offer-for-sale of up to 13 million equity shares by the promoter and other selling shareholders. The face value of each equity share is Rs 2. The company, in consultation with the Book Running Lead Managers (BRLMs), may also opt for a pre-IPO placement of Rs 37 crore, which, if executed, will reduce the fresh issue size accordingly.

Advertisement

Allocation of Funds:

The proceeds from the fresh issue will be utilized as follows:

  • Rs 50 crore: Capital expenditure for equipment and machinery.
  • Rs 35 crore: Investment in Bioneeds India Private Limited for machinery upgrades.
  • Rs 10.89 crore: Repayment of Bioneeds’ borrowings.
  • Rs 33 crore: Funding organic growth across Veeda and its subsidiaries, including technological upgrades and promotional activities.
  • Remaining funds: General corporate purposes.

The IPO will be managed by Axis Capital, CLSA, SBI Capital Markets, and IIFL Capital as lead managers. Veeda Clinical Research’s listing will be on both the NSE and BSE, aiming to enhance its market visibility and capital access.

Disclaimer: The information provided is for informational purposes only and should not be considered investment advice. Always conduct your research or consult a financial advisor before making investment decisions.