Emcure Pharmaceuticals Secures ₹583 Crore Ahead of IPO

Bain Capital-backed Emcure Pharmaceuticals has raised Rs 583 crore from anchor investors before opening its IPO for public subscription. The total IPO size reaches Rs 1,952 crore, with proceeds to reduce debt and support corporate needs. Major stakeholders include promoter Satish Mehta and BC Investments.

In a significant financial move, Emcure Pharmaceuticals, supported by Bain Capital, declared on Tuesday that it has amassed Rs 583 crore from anchor investors, just ahead of opening its initial public offering (IPO) for public subscription.

Among the prominent investors are HDFC Mutual Fund, ICICI Prudential MF, SBI MF, Nippon India MF, Abu Dhabi Investment Authority, Goldman Sachs Asset Management, Nomura, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, and SBI Life Insurance Company. The pharma company's anchor allotment includes 57.8 lakh equity shares to 48 funds at Rs 1,008 per share, bringing the total transaction to Rs 582.6 crore, as per a recent circular on the BSE's website. The IPO, priced between Rs 960 to Rs 1,008 per share, will be available for public subscription from July 3 to July 5.

The listing includes fresh equity shares worth Rs 800 crore and an offer of sale (OFS) of 1.14 crore equity shares, amounting to Rs 1,152 crore at the upper price band, contributed by promoters and current shareholders, leading the total public offering to Rs 1,952 crore. Key sellers in the OFS are promoter Satish Mehta, holding 41.85% of the company, and BC Investments IV Ltd, possessing 13.07%. The raised capital will address debt repayments and general corporate expenses. Industry analysts estimate Emcure's market valuation post-IPO at over Rs 19,000 crore.

Emcure Pharmaceuticals, headquartered in Pune, specializes in developing, manufacturing, and marketing diversified pharmaceutical products internationally. The IPO has set aside up to 108,900 equity shares for employee purchase. Half the issue is allocated for qualified institutional investors (QIBs), 35% for retail investors, and 15% for non-institutional investors. Investors can bid in lots of 14 shares. Kotak Mahindra Capital Company, Jefferies India, Axis Capital, and JP Morgan India lead the book-running for the IPO. The company's equity shares are set to list on the BSE and NSE on July 10, having received Sebi approval for the IPO earlier this month.

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