Veeda Clinical Research to raise Rs 831 cr through IPO, files DRHP with SEBI

Veeda Clinical Research Limited filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchanges Board of India (SEBI) on Wednesday to raise Rs 831.5 crore through an initial share sale.

The offer comprises a fresh issue of equity shares aggregating up to Rs 3,31 crore and an offer for sale of equity shares aggregating up to Rs 500 crore.

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At least 50 per cent of the issue has been kept aside for the Qualifies Institutional Buyers (QIBs), while 15 per cent for Non-institutional buyers and 35 per cent for retail investors.

Investors participating in OFS include CX Alternative Investment Fund aggregating up to Rs 8.08 crore, Rs 90.19 crore by Arabelle Financial Services, Rs 259.77 crore by Bondway Investment Inc., Rs 0.04 crore by Stevey International Corporation and Rs 141.93 crore by Basil Private Limited.

SBI Capital Markets Limited, ICICI Securities, JM Financial and Systematix Group Investments are the lead book managers of the issue, while Link Intime is the official registrar of the offer.

The price band and the minimum bid lot size for the offer will be decided by the company and the selling shareholders later after consultation with the BRLMs, Veeda Clinical said in DRHP paper.

Veeda Clinical is one of the largest independent full-service clinical research organization (“CRO”) in India with over 16 years of experience. The company has partnered with members of the pharma fraternity globally, to deliver efficacious clinical research solutions.

In a pre-IPO placement, Veeda says, it may consider a further issue of Equity Shares aggregating up to Rs150 crore, at its discretion through a private placement to one or more persons prior to filing of the Red Herring Prospectus.

The company to utilise net proceeds to repay the debt, fund capital expenditure, acquire subsidiary Bioneeds India, and general corporate purposes.