Usha Sharma – Mumbai
Mumbai-based leading API manufacturing company, Calyx Chemicals has revised its Initial Public Offer (IPO) plan from Rs 100 crore to Rs 200 crore. The company has filed a Draft Red Herring Prospectus (DRHP) and will be filing a Red Herring Prospectus (RHP) before first half of January 2013.
The company had initially attempted to tap the capital markets in May 2010 but had to defer the plan due to the instability in the capital market.
While sharing information on the delay in the IPO, Smitesh Shah, Chairman and Managing Director, Calyx said, “We were ready with our plan in 2010 but due to market’s instability we waited for the right time. Now we see that the capital market is good and considering our company’s performance, we have now planned to double the IPO amount from Rs 100 crore to Rs 200 crore. We are targeting to come out with an IPO in this financial year itself.”
The company has an active therapeutic presence in the anti-tuberculosis, anti-malaria, anti-hypertension and macrolides segments. Commenting on the investments plans, Shah highlighted, “We see that the domestic market is growing continuously and there is a huge demand in API segment. To grab this opportunity, we have major plans for the domestic market itself instead of expanding presence globally.”
EP News Bureau
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