Veeda Clinical Research IPO

 

Veeda Clinical Research Limited is among India’s leading independent full-service clinical research organisations (“CRO”) as of March 31, 2020 on the basis of revenue. (Source: F&S Report). Veeda Clinical Research IPO will hit the market in February 2022.

About Veeda Clinical Research

They have collaborated with members of the pharmaceutical fraternity throughout the world for over 16 years to offer effective clinical research solutions.

They entered the pre-clinical space by purchasing 50.10 percent of Bioneeds in three instalments between March and July 2021.

Bioneeds is a preclinical CRO that provides the pharmaceutical sector with discovery, development, and regulatory services.

In February 2021, they formed Ingenuity Biosciences Private Limited (“Ingenuity Biosciences”), a 50:50 joint venture with Somru BioScience Inc. (“Somru”), a Canadian biotechnology firm, to strengthen their biosimilars expertise.

Services

Across the worldwide markets of North America, Europe, and Asia, they provide a comprehensive variety of services spanning most areas of the drug research and drug launch value chain.

They provide specialist bioanalytical services such as bioavailability and bioequivalence (BA & BE) investigations, as well as a comprehensive range of clinical trials, including pre-clinical, early phase, and late phase trials, as well as associated services.

Pharmacokinetics (PK) research and trials in generic drugs, novel chemical entities (NCEs), big molecules, and biosimilars are among our specialties.

They have successfully passed 85 global regulatory inspections by some of the most demanding regulatory agencies in the world, including the United States Food and Drug Administration (USFDA).

Journey

As of March 31, 2021, they had expanded from a single facility in Ahmedabad with a total capacity of 62 beds and a monthly capacity of 7,000 samples to four facilities in Ahmedabad and one in Mehsana with a total capacity of 532 beds and a monthly capacity of 100,000 samples.

They now have pre-clinical trial capabilities thanks to their acquisition of Bioneeds, which has two facilities in Bangalore with 99 unique experiment rooms constructed to international standards and self-contained chemistry, biopharma, and analytical laboratories.

In addition, under the name Ingenuity Biosciences, they have created an innovation-focused bioanalytical laboratory in Ahmedabad.

Veeda Clinical Research IPO

Veeda Clinical Research Limited , headquartered in Ahmedabad has submitted Draft Red Herring Prospectus(DRHP) to Securities and Exchange Board of India(SEBI) for initial public offering (IPO) of INR 831.60 crores on 27 September 2021.

The offer includes 331.60 crores value fresh equity shares and there is an offer for sale (OFS) of  INR 500 crores by the promoters mentioned in the DRHP. There will be employees quota as well 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-Mar-21	31-Mar-20	31-Mar-19
Total Assets		285.18	–	154.73
Total Revenue		234.38	–	223.97
Profit After Tax		62.97	–	44.16

Basic and Diluted Earnings Per Share

Financial Period	Basic EPS (in INR)	Diluted EPS (in INR)	Weight
Financial Year 2021	15.39	15.38	3
Financial Year 2020	(0.01)	(0.01)	2
Financial Year 2019	12.17	12.17	1
Weighted Average	9.72	9.72

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

• One among India’s biggest full-service independent CROs.
• Extensive scientific expertise to serve a worldwide clientele with a high level of client centricity and satisfaction.
• A proven track record of enforcing a strict compliance culture.
• Ongoing expenditures to deliver technology-driven CRO solutions, improve operational efficiency, and manage compliance.
• Professional management that is skilled and experienced, with an emphasis on ongoing professional growth.
• A track record of consistently strong financial success.
• Expand their footprint in regulated markets in the United States and Europe.
• Increased emphasis on pre-clinical services to aid in the development and discovery of novel drugs.
• Increasing their biosimilars footprint

Veeda Clinical Research IPO Peer Comparison

There are no publicly traded businesses in India that operate in a similar industry to theirs. As a result, providing an industry comparison in respect to their Organization is not feasible.

Veeda Clinical Research IPO Details

IPO Opening Date	February 2022
IPO Closing Date	February 2022
Issue Type	Book Building
Face Value	2 per share
IPO Price	0 to 0 per equity share
Market Lot	–
Min Order Quantity	–
Listing At	BSE, NSE
Issue Size	831.60 Crore
Fresh Issue	331.60 Crore
Offer for Sale	500 Crore

Veeda Clinical Research IPO Date

Veeda Clinical Research IPO opening date is February 2022, and the closing date is February 2022. The Veeda Clinical Research IPO issue may list in February 2022.

IPO Opening Date	February 2022
IPO Closing Date	February 2022
Basis of Allotment Date	February 2022
Initiation of Refunds	February 2022
Credit of Shares to Demat Account	February 2022
IPO Listing Date	February 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 level of 1 lot, based on availability, for every shareholder.

Veeda Clinical Research IPO Allotment 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 Veeda Clinical Research IPO.

Veeda Clinical Research IPO GMP

Veeda Clinical Research 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)
February 2022
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Check Out the GMP of all Other IPOs

IPO Grey Market Premium

Veeda Clinical Research IPO Review

Veeda Clinical Research 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 Veeda Clinical Research IPO is good or bad.

Veeda Clinical Research IPO Risk

• The loss or delay of any of their significant contracts, or the loss or delay of many contracts, might have a negative impact on their financial performance.
• The link between backlog and revenues changes with time and may not be completely realised if a contract is cancelled.
• Certain clients account for a considerable percentage of their revenue.
• The new coronavirus (COVID-19) pandemic has had and will continue to have a negative impact on their company and operations.
• Failure to protect their clients’ sensitive information might have a negative impact on their business.
• Their company and cash flows might suffer if they are unable to successfully develop and sell new services or enter new markets.

Other Threats

• Their research and clinical trials may expose them to possible liability, which might harm their business.
• They may have difficulties in acquiring, developing, improving, or deploying technology that is critical to their operations.
• Failure to maintain appropriate insurance coverage in connection with their business might have a negative impact on their operations and profits.
• Their clinical development business may suffer if they are unable to attract qualified investigators and patients for their clinical studies.
• Environmental, health, and safety rules, regulations, and standards are becoming increasingly strict.
• Their business and promoters are embroiled in a legal battle.

Awards

Over the years, the industry has acknowledged them for providing industry-leading CRO services. The Associated Chambers of Commerce of India awarded us the ‘Best Clinical Research Organisation in India’ award in 2018.

The ‘Clinical Trial Company of the Year’ award for the year 2018 at the Clinical Trials Awards organised by World Health and Wellness Congress; and the ‘Bharat Udhyog Ratan Award’ for the year 2018 by Economic Growth Foundation.

More importantly, Biospectrum India named them the ‘Top CLRO Company’ in 2020, and Praxis Media Group named us the ‘Best Quality Clinical Research Services in India’ in 2020.

Research

Veeda has completed 3,504 trials (including ongoing studies), developed 1,025 bioanalytical methods for generics, NCEs, and biosimilars, conducted seven first-to-file studies, and conducted 3,084 BA & BE studies, which include 1,196 pilot studies, 1,851 pivotal studies, 22 Phase-I studies, and 14 experimental studies as of March 31, 2021.

As of March 31, 2021, they have four facilities in Ahmedabad and one in Mehsana, with a total capacity of 532 beds.

They have also built 46 bioanalytical systems throughout their facilities to help them provide effective bioanalytical services, with a monthly processing capacity of 100,000 samples.

Clients

They think that by combining their previous experience, knowledge of the worldwide pharmaceutical business, and significant scientific expertise, they can provide clinical research services to our global clients in an efficient and safe manner.

In the previous fiscal year, this enabled them to service clients in 27 countries across Europe, North America, and Asia.

As of March 31, 2021, 84.95 percent of their BA and BE studies took place in regulated marketplaces, with the United States accounting for 60.60 percent and the European Union for 24.35 percent, respectively.

For Fiscal 2021, they performed research for 157 customers, including some of the world’s largest and fastest-growing pharmaceutical firms.

Veeda Clinical Research IPO Brokerage views

• 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

Veeda Clinical Research IPO Subscription Status

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

Management

They have a team of 406 scientists (including employees in technical roles with a degree in physics, chemistry, biology, or associated subject areas) who deliver quality clinical research solutions with strong scientific expertise and regulatory knowledge, allowing them to provide stand-alone specialty services like central bioanalytical laboratory services, biopharmaceutics, and quality assurance.

They are led by a senior management team with a wide range of experience in both the pharmaceutical and CRO industries. For example, Mr. Ajay Tandon, their Managing Director, is in charge of their Company’s overall strategic leadership and operational management.

Promoters

• Basil Private Limited

Promoter’s Holding

Pre Issue Share Holding	52.42%
Post Issue Share Holding