Publication Date Business Line September 09, 2009, p. 15 Avesthagen to raise Rs 850-950 cr from IPO, overseas funds Our Bureau vestors, privateequities hold Bangalore, Sept. 8 28 per cent. They include IC- Biotechnology company Av- ICI Ventures, Fidelity and esthagen Ltd plans to raise Rs New York Life Investment 850-950 crore next year, and . Management IndiaFund. this includes a revived public issue plan and overseas funds. of this, the company would raise Rs 600-700 crore from an initial offer in the first half of201O. "[Funding] is going to be on tWochannels. In addition, we are also looking at raising a PE/pre-IPO overseas fund of $50 million [around Rs 250 crore], perhaps early next year, and have appointed US investment bankers to look into it," Dr villoo Morawala- Patell, Founder and Chair- man and Managing Director of Avesthagen, told Business Line. This fiscal, Avesthagen ex- pects to reach a turnover ofRs 100 crore fromresearch and sale of nutrition products, among others. The company holds 560 patentsand expects to license some of its plant- derived nutritional and ther- apeutic molecules and ingre- dients. "Many people are interested inour molecules and products," she said. Dr Patell said shewould re- tain the promoter stake of 32 percent. Of the ten-odd in- FINALISING PLANS Last year, Avesthagen was midway through the exercise andabout to file its draft pro- spectus but pulled back when market conditions turned ad- verse. The money from the IPO would be used to commercial- ise 40 products that are under development. The draft red herring prospectus for the public issue would be filed early next year, the Banga- lore-based company said in a news release. The bankers are yet to be finalised. It cited Dr Patell as saying, "The IPO is slated to coincide with the time that our biosi- milars [medicine equivalents] are ready to hit the market place. From an investment perspective I believe mid-201Owillsee aglobaltur- naround and a good business environment such that all our stakeholders will benefit from investing in the company." »More on the Web: www.businessline.in/ webextras Avesthagen Limited Discoverer, 9th Floor, Unit 3, International Tech Park, White Field Road, Bangalore - 560 066 Tel: +91-80-28411665/2770/2308, Fax: +91-80-28418780
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Publication
Date
Business Line
September 09, 2009, p. 15
Avesthagen to raiseRs 850-950 cr fromIPO, overseas funds
Our Bureau vestors, private equities holdBangalore, Sept. 8 28 per cent. They include IC-
Biotechnology company Av- ICI Ventures, Fidelity andesthagen Ltd plans to raise Rs New York Life Investment850-950 crore next year, and . Management India Fund.this includes a revived publicissue plan and overseas funds.
of this, the company wouldraise Rs 600-700 crore froman initial offer in the first halfof201O.
"[Funding] is going to be ontWochannels. In addition, weare also looking at raising aPE/pre-IPO overseas fund of$50 million [around Rs 250crore], perhaps early nextyear, and have appointed USinvestment bankers to lookinto it," Dr villoo Morawala-Patell, Founder and Chair-man and Managing Directorof Avesthagen, told BusinessLine.
This fiscal, Avesthagen ex-pects to reach a turnover ofRs100 crore from research andsale of nutrition products,among others. The companyholds 560 patents and expectsto license some of its plant-derived nutritional and ther-apeutic molecules and ingre-dients. "Many people areinterested in our moleculesand products," she said.
Dr Patell said she would re-tain the promoter stake of 32per cent. Of the ten-odd in-
FINALISING PLANSLast year, Avesthagen wasmidway through the exerciseand about to file its draft pro-spectus but pulled back whenmarket conditions turned ad-verse.
The money from the IPOwould be used to commercial-ise 40 products that are underdevelopment. The draft redherring prospectus for thepublic issue would be filedearly next year, the Banga-lore-based company said in anews release. The bankers areyet to be finalised.
It cited Dr Patell as saying,"The IPO is slated to coincidewith the time that our biosi-milars [medicine equivalents]are ready to hit the marketplace. From an investmentperspective I believemid-201Owill see aglobal tur-naround and a good businessenvironment such that all ourstakeholders will benefit frominvesting in the company."»More on the Web:www.businessline.in/webextras
Avesthagen LimitedDiscoverer, 9th Floor, Unit 3, International Tech Park, White Field Road, Bangalore - 560 066
Avesthagen revives IPOplan to raise Rs700 crNew Delhi: Life sciences firmAvesthagen Ltd on Tuesday said it hasrevived plans for initial public offer (IPO)and may hit the capital market in thefirst half of next year to raise up toRs700 crore.
The company is planning to file adraft red herring prospectus with theSecurities and Exchange Board of India(Sebi), Avesthagen said in a statement.
The company would use the proceedsfro~ IPO to commercialize 40 products,which are in different stages ofdevelopment. PTI •
Avesthagen LimitedDiscoverer, 9th Floor, Unit 3, International Tech Park, White Field Road, Bangalore - 560 066
BANGAlORE: Avesthagen, the Bangalore-based life sciencescompany, has revived plans for an initial public offer. Thecompany proposes to raise about Rs. 600-700 crore fromthe domestic and international markets. According to arelease, the funding will be used to commercialise 40products which are in various stages of development.Earlier, Avesthagen postponed its IPO plans due to globalmeltdown.
Avesthagen LimitedDiscoverer, 9th Floor, Unit 3, International Tech Park, White Field Road, Bangalore - 560 066
Sept. 8: Bengaluru-basedbio technology firmAvesthagen has revivedplans for an IPO that it hadshelved in November lastyear as the global recessioncrippled capital markets.The company now says its
wants to raise Rs 600-700·crore from the domesticand international marketsto commercialise 40 prod-ucts that are in variousstages of development."The IPO is slated to
coincide with the time thatour biosimilars are ready tohit the market place. Froman investment perspective, Ibelieve mid-2010 will see aglobal turnaround and agood business environmentsuch that all our stakehold-ers will benefit from invest-ing in the company,"founder and CMD Dr.Villoo Morawala-Patellnoted.Avesthagen currently
employs more than 650people globally and isexpected to clock Rs 100crore this fiscal year in rev-enues.The firm noted that it is
yet to decide on the bankersand would like to hold on tothe promoter stake, whichis currently at 32 per cent.ffi players ICICIVentures, Fidelity and NewYork Life InvestmentManagement India Fund -hold up to 28 per cent in thecompany.Avesthagen currently has
four business units - bio-pharmaceuticals,bioNutrition,bioAgriculture, and science& innovation.
Avesthagen LimitedDiscoverer, 9th Floor, Unit 3, International Tech Park, White Field Road, Bangalore - 560066
Avesthagenmulls IPO planENS Economic BureeauBangalore, September 8
BANGALORE-BASEDlife sciencescompany Avesthagen has revivedplans for an IPO and the companywill raise Rs 600-700crore from thedomestic and international mar-kets. According to an Avesthagenstatement, the funding will be usedto commercialise 40products thatare in various stages of develop-ment. Avesthagen had to postponeits IPO plans after markets fell dueto global meltdown.
According to Villoo Morawala-Patell, founder and CMD,Avestha-gen, "The IPO is slated to coincidewith the time that our biosimilarsare ready to hit the market place.From an investment perspective Ibelieve mid-2010will see a globalturnaround and a good businessenvironment such that all ourstakeholders will benefit from in-vesting in the company."
The company, which currentlyholds 560patents, will be valuedbased on its patent and productportfolios. '~vesthagen, which isexpected to touch a turnover of Rs100crore this fIScal,is yet to decideon the bankers and would like tohold on to the promoter stake,which is currently at 32per cent,"the statement said.
Avesthagen LimitedDiscoverer, 9th Floor, Unit 3, International Tech Park, White Field Road, Bangalore - 560 066
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