Akums Drugs likely to launch IPO next year: Report

livemint.com:

Moneycontrol, the pharma company is in talks with four investment banks to prepare for a listing in 2024. In April this year, Akums' top executives had told Mint that they were working towards a stock market listing in two to three years. Joint managing director Sanjeev Jain at Akums told Mint in an interview, "We are planning an initial public offering (IPO) in a span of 2-3 years".

Also read: JSW Infra IPO to Arabian Petroleum IPO; 16 new issues, 8 listings to keep primary market buzzing However, as per the latest report by Moneycontrol, Akums is planning to debut in the Indian stock market in 2024. Citing sources, the news website said Akums has picked ICICI Securities, Citi, Axis Capital, and Ambit for the proposed IPO. It is unclear what would be the size of the IPO but a source told Moneycontrol that the issue would be a minimum of ₹1,500 - ₹2,000 crore.

(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Incorporated in 2004, Akums is backed by Quadria Capital, a leading healthcare-focused Asian private equity firm. Recently, the foreign investor exited Concord Biotech by selling its entire 20% stake when the latter made a healthy market debut on the domestic bourses in August.

Akums has a manufacturing share of more than 12.5% of the total drugs consumed in India, a rating agency said. Also read: The upcoming IPO boom. Should you invest? Akums has 11 manufacturing facilities for its formulations manufacturing along with two API manufacturing facilities.