Blackstone set for partial exit as Emcure Pharma files for IPO
The Blackstone Group will make a partial exit from its 2006 investment in India's Emcure Pharmaceuticals as the company targets a INR3 billion ($50.4 million) IPO.
According to the draft red herring prospectus, Blackstone firm will sell 1.7 million of the 5.9 million shares it holds in Emcure. The PE firm currently owns 13.09% of the company, having originally invested INR2.25 billion (then $50 million) from the Blackstone Capital Partners Fund V.
Emcure is the third PE-backed company to file for an IPO in June, after ChrysCapital investee Intas Pharma and Warburg Pincus portfolio company ACB.
In May, the success of Just Dial's IPO, subscribed 11.6 times, allowed Sequoia Capital, SAIF Partners, Tiger Global, ECGS and SAP Ventures to part exit their investment.
Emcure is an integrated pharmaceutical company that makes biotech products and formulations for HIV and cardiology treatments among others. It operates nine manufacturing facilities, eight of which are located in India and one in the US. The company markets formulations under its own brands in India and exports them to Asia, Africa, Europe, Latin America and the Middle East.
Overseas revenues came to INR6.8 billion for the nine months ended December 2012, which represented 45.3% of total revenues. For the 2012 fiscal year, Emcure's revenues rose 33.45% to INR18 billion, while net profit was up 16.3% to INR957 million.
DSP Merrill Lynch, IDFC Capital and Morgan Stanley have been appointed to manage the offering.
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