Morepen Laboratories Secures Rs. 200 Crore QIP with Strong Institutional Backing

Morepen Laboratories Limited successfully raised Rs. 200 crores through a Qualified Institutional Placement (QIP), with the issue subscribed 1.68 times. The funds aim to accelerate growth, enhance manufacturing, and expand market presence. Prominent investors like Bank of America and Samsung have participated. Morepen continues to lead in medical devices and APIs.

Morepen Laboratories Limited has announced the successful completion of a Qualified Institutional Placement (QIP), raising Rs. 200 crores. The issue was oversubscribed 1.68 times, garnering bids worth Rs. 335 crores, reflecting strong confidence from institutional investors.

The QIP saw participation from marquee global investors including Bank of America, Samsung India, and Citigroup. The raised funds will be utilized to accelerate Morepen's growth, enhance its manufacturing capabilities, and expand its market presence, especially in the medical devices and API segments.

Morepen Laboratories continues to demonstrate strong financial performance, recording significant increases in revenue, EBITDA, and PAT in FY24. The company, founded in 1984, remains a market leader in glucometers and BP monitors, with a robust export portfolio of key API products.

(With inputs from agencies.)