Innova Captab IPO

Innova Captab Limited is an integrated pharmaceutical firm in India with operations along the whole pharmaceutical value chain, comprising drug distribution, marketing, manufacturing, and research & development. Innova Captab IPO will hit the stock market in November 2022.

About Innova Captab

Their company runs a domestic branded generics business, a global branded generics business, and a contract development & manufacturing division that offers manufacturing services to Indian pharmaceutical businesses.

They  were the second-largest formulation CDMO in India in terms of running revenue in Fiscal 2021, and they grew at the third-fastest rate among formulation CDMOs from Fiscal 2019 to Fiscal 2021.

They had 164 CDMO customers during the nine months that concluded on December 31, 2021. Their clientele includes fourteen of the top fifteen Indian pharmaceutical firms that CRISIL Research recognized as the major players in the domestic formulation market in Fiscal 2021.

They produce own 400+ product, varied generics product portfolio & sell them in the Indian market under their own trademarks.

Sales

Innova Captab exported its branded generic medications to 17 nations over the course of the nine months ending December 31, 2021.

According to their Restated Consolidated Financial Information, operating revenue increased at a CAGR of 7.43% from 3,558.06 million in Fiscal 2019 to 4,106.62 million in Fiscal 2021. According to our Restated Consolidated Financial Information, operating revenues for the nine months ended December 31, 2021, were INR 5,841.21 million.

According to the Proforma Condensed Consolidated Financial Information, operating revenues increased from INR 4,935.80 million in Fiscal 2019 to INR 6,138.39 million in Fiscal 2021 at a CAGR of 11.52%.

According to the Proforma Condensed Consolidated Financial Information, operating revenues for the nine months ended December 31, 2021, were $6,337.96 million.

Research and Development

Innova Captab Limited’s internal research and development is the company’s cornerstone. Its branded generic portfolio is expanding, and their R&D operations aid in bringing in and keeping CDMO clients.

At their manufacturing plant in Baddi, Himachal Pradesh, India which is accredited by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India, they have a specialized R&D laboratory and pilot equipment.

Additionally, they want to open a new R&D facility in Panchkula, Haryana. In addition to a new plant they are developing in Jammu, their manufacturing is done at two locations in Baddi, Himachal Pradesh.

Their facilities have been granted good manufacturing practices (“GMP”) accreditation by the Himachal Pradesh Department of Health and Family Welfare.

Innova Captab IPO

Innova Captab Limited, headquartered in Mumbai has submitted Draft Red Herring Prospectus(DRHP) to Securities and Exchange Board of India(SEBI) for initial public offering (IPO) of 4,00 Crore and 9,600,000 equity shares on 28 June 2022.

The offer includes a fresh issue of INR 400 Crore and there is offer for sale (OFS) of 9,600,000 equity shares by the promoters mentioned in the DRHP. They are looking for a Pre-IPO placement INR 80 Crores in this issue.

They are now waiting for approval from Securities and Exchange Board of India(SEBI) to float the initial public offering (IPO) in the market.

Financials Trends

Particulars	For the year/period ended ( in Cr.)
	31-Dec-22	31-Mar-22	31-Mar-21	31-Mar-20
Total Assets	574.35	369.62	245.06	222.95
Total Revenue	586.15	412.03	374.62	356.03
Profit After Tax	50.88	34.50	27.89	19.88

Basic and Diluted Earnings Per Share

Financial Period	Basic EPS (in INR)	Diluted EPS (in INR)	Weight
Financial Year 2021	4.14	4.14	3
Financial Year 2020	5.81	5.81	2
Financial Year 2019	7.19	7.19	1
Weighted Average	6.22	6.22
31 Dec 2021	10.60	10.60

Objects of the Issue

• Prepayment / repayment of all or a portion of the outstanding borrowings of the company to be availed on consolidated basis.
• To meet common corporate objectives.

Basis of the offer

They feel that the following qualitative factors & business strengths enable them to compete successfully in the industry, and that these factors will be used to calculate the offer price:

• In India’s market for pharmaceutical formulations, CDMOs have a dominant position and one of the quickest rates of growth.
• Strong linkages to our illustrious CDMO customer base; extremely effective operations, including our top-notch manufacturing facilities and supply chain.
• Branded generics enterprises that are exporting and growing quickly.
• Strong R&D emphasis is required to develop an ever-more complicated product assortment and to draw and keep customers.
• Dependable financial results.
• Promoters and management team with experience.

Innova Captab Peer Comparison

S. No.	Face Value	Company Name	PE
1	1	Suven Pharmaceuticals Limited	35.97
2	5	Torrent Pharmaceuticals Limited	39.03
3	2	Ajanta Pharma Limited	22.78
4	1	Eris Lifesciences Limited	26.38
5	2	Indoco Remedies Limited	34.85
6	2	J. B. Chemicals and Pharmaceuticals Limited	28.37
7	2	Laurus Labs Limited	30.66
8	2	NATCO Pharma Limited	27.51
9	5	Windlas Biotech Limited	25.94

1. All financial data for listed industry peers is on a standalone/consolidated basis and comes from the audited consolidated/standalone financial statements of the respective firms for the year ending March 31, 2021, which can be found on the Stock Exchanges’ websites.
2. The P/E ratio is calculated by dividing the closing market price of equity shares on the BSE on June 8, 2022 by the diluted EPS derived from the peer group company’s annual report for the year ended March 31, 2021.

Innova Captab IPO Details

IPO Opening Date	November 2022
IPO Closing Date	November 2022
Issue Type	Book Building
Face Value	10 per share
IPO Price	0 to 0 per equity share
Market Lot	–
Min Amount	–
Listing At	BSE, NSE
Issue Size	–
Fresh Issue	400 Crore
Offer for Sale	9,600,000 equity shares

Innova Captab IPO Date

Innova Captab Limited IPO opening date is November 2022, and the closing date is November 2022. The Innova Captab issue may list in November 2022.

IPO Opening Date	November 2022
IPO Closing Date	November 2022
Basis of Allotment Date	November 2022
Initiation of Refunds	November 2022
Credit of Shares to Demat Account	November 2022
IPO Listing Date	November 2022

Basis of Allotment

Type	% of Offer	Basis of Allotment
Qualified Institutional Buyer	50	Roughly  equivalent
Non Institutional Investor	15	Roughly  equivalent
Retail	35	Minimum 1 lot based on availability

Innova Captab India Limited IPO Status

Allotment of equity stocks subject to the Fresh Issue and transfer of the Promoter Selling Shareholders’ OFS Stocks to the winning Bidders subject to the Offer for Sale. Nevertheless, the status of the allotment has yet to be revealed.

Here, you can find the Allotment Status of Innova Captab IPO.

Innova Captab IPO GMP

Innova Captab Limited IPO Grey Market Premium is 0. You can check out GMP of Other IPOs on below Links:

Date	GMP (in Rs)	Subject to Sauda	Kostak (in Rs)
November 2022
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Check Out the GMP of all Other IPOs

IPO Grey Market Premium

Innova Captab Limited IPO Review

Innova Captab Limited IPO review will depend on the price band which will be announced after SEBI approval. Whenever it will be announced we will update you regarding review of Innova Captab IPO is good or bad.

Innova Captab Limited IPO Risk

• Innova Captab is reliant on the sales of their whisky products, and any decline in those sales could have a negative impact on their Business, operations, finances, and future prospects.
• Their economic prospects and financial performance may suffer if they are unable to retain or grow the popularity of their brands, particularly their Officer’s Choice brand.
• They rely on the sales of their products in a few crucial Indian States, and any decline in those sales could have a materially negative impact on their operations, financial standing, operational performance, and prospects.
• They might not be able to raise the price at which their products are sold, which would be detrimental to their business, financial situation, operational performance, & prospects.

Other Threats

1. Their manufacturing facilities are essential to their business and will remain so, and the manufacturing process entails some risks.
2. They are dependent on a select group of contract development and production companies, including well-known Indian pharmaceutical firms.
3. The COVID-19 pandemic’s effect on their business, operating results, and financial situation is unpredictable and still developing.
4. We compete to supply pharmaceutical firms in India and other jurisdictions with outsourced pharmaceutical manufacturing services or CDMO services and goods, particularly for formulations.
5. A failure to adhere to the current and future regulatory standards in any pharmaceutical market could negatively impact their Business, operations & financial condition. The pharmaceutical market is heavily regulated.
6. They are subject to a number of legal requirements under their CDMO agreements.

Innova Captab Limited IPO Brokerage views

Once the dates will be announced we will update the views of different brokerage firms regarding this IPO. Here is the views of different stock brokers regarding this Innova Captab IPO:

• Yes Securities : Not Updated
• Choice Brokering: Not Updated
• Axis Securities: Not Updated
• IIFL Securities: Not Updated
• Trade swift: Not Updated
• Anand Rathi : Not Updated
• ICICI Securities: Not Updated

Innova Captab Limited IPO Subscription Status

Date	Day	QIB	NII	Retail	Employees	Total Subscription
November 2022	1
November 2022	2
November 2022	3

Innova Captab Limited Management

They feel their management team, which is qualified & experienced, has the knowledge & vision needed to run and expand their company. Mr. Manoj Kumar Lohariwala, their promoter & co-founder, is their chairman and a full-time director.

He has almost 25 years of business experience in the production & marketing of pharmaceutical products. Mr. Vinay Kumar Lohariwala, their promoter & co-founder, is their Managing Director and has almost 20 years of professional experience in the production and marketing of pharmaceutical products.

Their senior management team, in addition to their Promoters, also has a wealth of pharmaceutical industry experience.

Many of them have had positions with multinational corporations in the past and hold a variety of credentials, including graduate and post-graduate degrees in science and pharmacy.

Innova Captab Limited‘ Promoters

• Manoj Kumar Lohariwala
• Vinay Kumar Lohariwala

Promoter’s Holding

Pre Issue Share Holding	69.73%
Post Issue Share Holding

Innova Captab Limited Prospectus