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ChrysCapital-backed Intas Pharma files for IPO

  • Mirzaan Jamwal
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ChrysCapital Partners will exit the 10.16% stake held by Fund III in Ahmedabad-based formulations maker Intas Pharmaceuticals via an upcoming IPO. Another 6.25% stake will continue to be held by the PE firm's fifth fund.

According to a draft prospectus, the offering will comprise of a fresh issue of equity shares aggregating up to INR2,250 million plus 11.6 million shares held by ChrysCapital vehicle Mozart Limited.

Intas has a diversified product portfolio focused on chronic segments such as gastrology, cardiovascular and psychiatry. Exports constitute a third of their total business with presence in US, UK, Africa and Latin America.

ChrysCapital made the original investment through its $258 million third fund in 2005, buying a 12.47% stake in the company for INR530 million ($11.8 million then) from ICICI Venture.

After Intas deferred a previous plan to list in 2012 due to market volatility, ChrysCapital stepped in to invest another $57 million from Fund V to meet the company's growth plans and support acquisitions. The fund holds 6.8 million shares issued to it in a preferential allotment at INR434.88 apiece.

Intas' net profit for the 2012 fiscal year was INR2.9 billion, up 56.5% year-on-year. As of year-end 2012, contingent liabilities aggregated INR790.1 million. Net asset value per equity share was INR190.3.

Kotak Mahindra and Morgan Stanley have been appointed as the IPO's lead managers.

 

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