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Laurus Labs plans र1,000-cr IPO

Laurus Labs

MUMBAI: Hyderabad-based Laurus Labs, one of the world’s leading suppliers of anti-retroviral APIs (active pharmaceutical ingredients), is expected to file draft offer documents for a र1,000-1,200 crore initial public offer (IPO) soon. According to a source aware of this development, Jefferies India Pvt Ltd will be the lead merchant manager to the issue.

Laurus Labs was incorporated in 2005 and by FY14-15 reported revenue of र1,326 crore. It has three main manufacturing facilities in and around Visakhapatnam, according to the company’s website.

Besides HIV treatment drugs, Laurus also manufactures APIs for oncology, cardio-vascular and anti-diabetic therapeutic segments. The IPO is intended as an exit for its private equity investors, the source quoted above said. The PE firm reportedly holds roughly 30 per cent in Laurus Labs, which it bought for about र550 crore in October 2014. Fidelity Growth Partners India and Boston-based Fidelity Biosciences are also believed to hold some stake in the company.

The merchant banker Jefferies could not be reached for comment. The bank has experience with public offers from the healthcare sector in India, having handled the IPOs of Narayana Hrudayalaya and Syngene.

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