GreenSignal Bio Pharma to raise around Rs 100 cr through IPO

The company’s products are BCG vaccine to prevent TB and BCGONCO for immunotherapy used in the treatment of urinary bladder cancer

GreenSignal Bio Pharma, a Chennai-based company, plans to raise around Rs 100 crores through an Initial Public Offer (IPO) in October.

“We have finalised plans to come out with an IPO to raise around Rs 100 crore in October. The firms existing shareholders including promoters will sell around 1,45,79,560 equity shares at a face value of Rs 10 each,” said P Murali, Director, GreenSignal Bio Pharma.

Reportedly, the company promoters, P Sundaraparipooranan and P Murali along with other shareholders including Avon Cycles will offer the equity shares for the IPO.

GreenSignal has two products – BCG vaccine to prevent TB and BCGONCO for immunotherapy used in the treatment of urinary bladder cancer.

“The major contributor to our revenues is the BCG vaccine which contributes 82.73 per cent of our revenues for the period ended March 31, 2016. We are one of the four companies worldwide who have been WHO-prequalified to supply the BCG vaccine to UNICEF. We have secured a long-term arrangement with UNICEF to supply the BCG vaccine subject to the purchase orders placed with our company. We also supply the BCG vaccine to Indonesia and Nepal which are countries outside the UNICEF ambit,” Murali said.