Claris Lifesciences Rs300 crore IPO set at Rs278-293 a share

Claris Lifesciences, one of the largest sterile injectables pharmaceutical companies in India, today said that it has set a price of Rs278-293 a share for its initial public offer (IPO).

The Ahmedabad-based drugmaker, which is seeking to raise funds aggregating to Rs300 crore, said its IPO will open on 24 November and close on 26 November.

The company has appointed Enam Securities, Edelweiss Capital, JM Financial Consultants and ICICI Securities as the book running lead managers to the issue.

Claris Lifesciences will use the IPO proceeds to prepay a term loan, expand its manufacturing capacity and set up a research and development facility.

Claris Lifesciences is one of the largest sterile injectables pharmaceutical companies in India with a market presence in 76 countries worldwide.

With five manufacturing facilities spread over a 78-acre campus located in Ahmedabad, the company primarily manufactures and markets products across multiple markets, and therapeutic segments. A significant majority of these products are generic drugs that are capable of being directly injected into the human body and are predominantly used in the treatment of critical illnesses.

Its products range across various therapeutic segments, including anaesthesia, critical care, anti-infectives, renal care, infusion therapy, enteral & parenteral nutrition and oncology.

Claris Lifesciences customer base primarily includes government and private hospitals, aid agencies, and nursing homes.