Laurus Labs’ Rs 1,332-crore IPO to hit market on Tuesday

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NEW DELHI: Pharmaceutical firm Laurus Labs will hit the capital market this week to raise an estimated Rs 1,332 crore through its initial public offering (IPO).

The IPO is scheduled to open on December 6 and close on December 8.

The offer comprises fresh issue of shares worth Rs 300 crore and an offer for sale of 24,107,440 shares by shareholders — Aptuit (Asia) Pvt Ltd, BluewaterBSE 0.00 % Investment, FIL Capital Management (Mauritius) Ltd and Fidelity India Principals.

The price band for the issue has been set at Rs 426-428 per share. At the upper band, the shares offered by the selling shareholders will fetch Rs 1,332 crore.

The Hyderabad-based company plans to utilise the net proceeds from the fresh issue towards pre-payment of term loans and general corporate purposes.

Kotak MahindraBSE -2.83 % Capital Company Ltd, Citigroup Global Markets India Private Ltd, Jefferies India Private Ltd and SBI Capital Markets LtdBSE 4.96 % are the book running lead managers to the offer.

The shares of the company are proposed to be listed on BSE and NSE.