Macleods Pharma files DRHP for Rs 5,000 crore IPO

Macleods Pharmaceuticals on Tuesday said it has filed a draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for its Rs 5000 crore initial public offering (IPO)

The IPO consists of an Offer for Sale (OFS) of up to 60.48 million shares by the promoter and promoter group. The promoters of the company who will be selling shares include Girdharilal Bawri, Banwarilal Bawri and Dr Rajendra
Agarwal.

The company is wholly owned by promoter and promoter group and has grown organically since inception – through internal accruals, and without raising any external funding from private equity players.

Established in 1989, Macleods is the seventh-largest company in the Indian pharmaceutical market for the six months ended September 30, 2021, according to AIOCD.

The company had revenues of Rs 7,750 crore and a net profit of Rs 2,023 crore in FY21.

Its domestic business comprises branded generics, constituting 51.73% of its total revenue from operations in FY21. Its domestic sales grew faster than the IPM at a CAGR of 15.3% from FY11 to FY21, compared to 10.8% growth in domestic sales of the IPM in the same period, as per IQVIA.

The company is known for its anti-infectives, cardiovascular, anti-diabetic, dermatology, and hormone treatment brand and has a significant presence in North and East India.

Revenue from operations outside India grew at a CAGR of 21.51% from FY19 to FY21 representing 48.27% of revenues from operations in FY21.

Kotak Mahindra Capital Company, Citigroup Global Markets India, Edelweiss Financial Services, ICICI Securities and Nomura Financial Advisory and Securities (India) are the book running lead managers to the IPO.

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