Public Market

IPO

CRO firm Veeda to raise over Rs.831-Cr

Mint  

Ahmedabad-based Veeda Clinical Research Ltd is to raise INR 831.60 crore through an initial public offering. The IPO consists of a fresh issue of INR 331.60 crore and an offer for sale of INR 500 crore by its existing shareholders and promoters. SBI Capital Markets, ICICI Securities, JM Financial and Systematix Corporate Services are the book running managers to the issue. The OFS comprises shares worth up to INR 8.08 crore by CX Alternative Investment Fund, up to INR 90.19 crore by Arabelle Financial Services Ltd, up to INR 259.77 crore by Bondway Investments Inc, up to INR 4 crore by Stevey International Corporation and up to INR 141.93 crore by Basil Pvt Ltd. Currently, CX Alternative Investment Fund holds 2.98% stake, Arabelle has 4.51% stake, Bondway 28.36% stake, Stevey 0.002%, Basil holds 52.42% stake in the firm. Around INR 28.7 crore from the proceeds of the issue will be used to pay debt availed by its arm Bioneeds, INR 33 crore for funding capital expenditure, INR 45 crore for investment in its arm for financing capital requirements, INR 75 crore for funding further acquisition of shares of Bioneeds, INR 17 crore for funding acquisition of shares of Ingenuity BioSciences Pvt Ltd and INR 50 crore for funding working capital requirements.

From the Venture Intelligence PE-VC Deal Database: Between Dec-18 and Mar-21, Veeda Clinical Research had raised PE funding from CX Partners and Sabre Capital.