Mumbai : Chennai-based GreenSignal Bio Pharma (GSBPL), a vaccine manufacturing company is set to open its initial public offering (IPO), that would improve its liquidity and enhance its brand image, on November 9 and close on November 11. The IPO is priced at Rs 76-Rs 80 per equity share of face value at Rs 10 each.
GSBPL has made available almost 1, 45, 79,560 equity shares of face value of Rs 10 each through an offer for sale, which is 38 per cent of the fully diluted post offer paid-up equity share capital of the company. Through the IPO, the company plans to raise somewhere around Rs 100 crore.
Commenting about the IPO, GreenSignal Bio Pharma Ltd, P Murali, managing director, said, “We are raising the money for the future of the organisation.” Post WHO pre-qualification, the company witnessed a net profit of Rs 5.30 crore in financial year 2015-16 as against the net loss the company witnessed in FY 2014-15 which was Rs 0.21 crore. According to the financial results, the company saw a loss from 2012-2015. However, Murali is optimistic that the company will continue to grow due to engagement with ministry of health and family welfare, government of India and UNICEF. The company exports products to 17 countries – through UNICEF or through supply, distribution and other arrangements.
GSBPL has a debt of Rs 5.58 crore in terms of short and long-term borrowing from Union bank of India. Over years, the company has spent Rs 50 crore for research and development.
