Anlon Healthcare IPO: Rajkot-based company Anlon Healthcare, associated with the pharma sector, has again submitted the draft paper to raise funds through IPO. Earlier, the company had submitted preliminary documents for its IPO on October 9. Market regulator SEBI had returned these documents on December 9.
According to the red herring prospectus filed by Enlon Healthcare on December 26, the chemical manufacturing company will issue 1.4 crore fresh shares under the IPO and will not sell the shares under Offer for Sale (OFS). Promoters – Puneetkumar Rasadiya and Atul Kumar Vachani hold 70.26% stake in Enlon. The remaining 70.26% stake is held by public shareholders, which include Shree Dwarkadhish Ventures LLP, Amitaben Natwarlal Ukani and BAN Labs.
Enlon is one of the few manufacturers of Loxoprofen Sodium Dehydrate in India. This API is mainly used in the treatment of pain/burning. Its peer companies include Chronox Lab Sciences, AMI Organics and Supriya Lifesciences. The company has a product portfolio of 65 commercial products, while 28 products are in the pilot stage, while 49 products are in laboratory testing.
The company will use Rs 30.7 crore raised from this IPO to expand its manufacturing plant, while Rs 5 crore will be spent on loan repayment. Additionally, Rs 35.98 crore will be spent on working capital requirements and the remaining funds will be spent on general corporate needs. Interactive Financial Services is the book running lead manager for this public issue.