GreenSignal Bio Pharma has priced its initial public offering (IPO) aimed at raising R116 crore, in a price band of R76 to R80. The offer constitutes 38% of the fully diluted post-offer paid-up capital of the company. Bids can be made for 175 shares and multiples of thereof.
The issue is an offer for sale (OFS) by promoters P Sundaraparipooranan, P Murali, R Srinivasan and Avon Cycles. The company will not receive any proceeds from the offer.
GreenSignal currently has two products — BCG vaccine for immunisation against tuberculosis and BCG-ONCO for immunotherapy for the treatment of urinary bladder carcinoma under the brand name ‘Urovac”. The company counts Union ministry of health & family welfare and United Nations Children’s Fund among its clients. The company reported revenues of R20.49 crore for the year ended 31 March 2016 up from R6.6 crore in the previous financial year. For the year ended 31 March 2016, the company reported a net profit of R5.30 crore against the previous year’s loss of R21 lakh. The company had incurred losses in the three financial years prior to 31 March 2015.
Indian Overseas Bank is the book lead running manager (BLRMS) for the issue.