Document Summary
Veeda Clinical Research Limited (VCRL) is initiating an IPO of up to [] equity shares, with a face value of ₹2 each. The IPO consists of a fresh issue of shares aggregating up to ₹1,850.00 million and an offer for sale (OFS) of up to 13,008,128 equity shares by existing shareholders, including the promoter Basil Private Limited and other selling shareholders.
Registered Office and Contact Information:
- Registered Office: Shivalik Plaza – A, 2nd Floor, Opposite Ahmedabad Management Association, Ambawadi, Ahmedabad 380 015, Gujarat, India.
- Corporate Office: Satyamev Corporate, Nr. Shalin Bungalows, Corporate Road, Prahladnagar, Ahmedabad 380 015 Gujarat, India
- Contact Person: Nirmal Atmaram Bhatia, Group Chief Financial Officer, Company Secretary and Compliance Officer; investor.relation@veedalifesciences.com; Website: www.veedalifesciences.com.
Offer Details:
- Face Value: ₹2 per equity share
- Offer Price: The price band, the minimum bid lot, and any revisions will be advertised in key newspapers and made available on stock exchange websites.
- Pre-IPO Placement: VCRL may consider a pre-IPO placement of specified securities aggregating up to ₹370.00 million before filing the Red Herring Prospectus (RHP) with the RoC. The amount raised through pre-IPO placement would be reduced from the Fresh Issue.
Offer Structure & Reservations:
- QIB Portion: Not less than 75% of the Offer (up to 60% may be allocated to Anchor Investors). 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds.
- Non-Institutional Investors (NII): Not more than 15% of the Offer.
- Retail Individual Investors (RII): Not more than 10% of the Offer.
Objective of the Offer:
The Fresh Issue aims to utilize net proceeds for:
- Capital expenditure on procuring equipment and machinery.
- Investment in the Material Subsidiary (Bioneeds India Private Limited) for capital expenditure and repayment of borrowings.
- Funding organic growth of the Company.
- General corporate purposes.
Key Selling Shareholders:
- Basil Private Limited (Promoter Selling Shareholder): up to 3,493,895 Equity Shares.
- Bondway Investments Inc.: up to 7,359,620 Equity Shares.
- Other Selling Shareholders: 22.75% from six Other Selling Shareholders.
Financial Performance (Restated Consolidated Summary):
The financial information presented may not be indicative of future results. The Prospectus indicates that all key financial and accounting information is true and accurate to the best of the company's knowledge. Financial data includes information relating to Assets, Liabilities, and Equity. The summary includes performance metrics and data for specified periods.
- The Restated Consolidated Summary Statements include details regarding Assets, Liabilities, and Equity as of specific dates including (but not limited to) September 30, 2024, September 30, 2023, March 31, 2024, March 31, 2023 and March 31, 2022.
- The Restated Consolidated Summary Statements include details regarding Revenue, Profit and Loss, Financial Expenses, Tax Expenses and share of other comprehensive income or losses. The summary includes data for specific periods including (but not limited to) six months period ended September 30, 2024 and September 30, 2023 and for the year ended March 31, 2024, March 31, 2023, and March 31, 2022.
Key Ratios and Metrics:
- EBITDA and Adjusted EBITDA: The summary includes details regarding calculation and levels for Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), for key comparable periods. The Prospectus also includes details regarding the calculation of Adjusted EBITDA, a non-GAAP financial measure.
- Revenue from Operations: Revenue from operations as per Ind AS 115.
- Adjusted EBITDA Margin: as Adjusted EBITDA divided by Revenue from operations.
- Risk Factors: A comprehensive section detailing risks associated with the company, its business, the industry, and the IPO itself. Specific attention of investors is invited to "Risk Factors" beginning on page 33.
- Restated Consolidated Summary Statements: Comprise the summary statement of assets and liabilities, the statement of profit and loss (including other comprehensive income), the statement of cash flows, and the statement of changes in equity.
- Litigation and Contingencies: Summarizes outstanding litigation and contingent liabilities as on the specified dates.
- Related Party Transactions: Discusses transactions with related parties.
Other Information:
- Book Running Lead Managers (BRLMs): Axis Capital Limited, CLSA India Private Limited, IIFL Capital Services Limited and SBI Capital Markets Limited are the book running lead managers for the IPO.
- Registrar: MUFG Intime India Private Limited is the registrar to the offer.
- Listing: Proposed listing on BSE and NSE.
This Draft Red Herring Prospectus contains forward-looking statements and a disclaimer of responsibility.
It contains risk factors, and readers are advised to read these carefully. The information is intended for general guidance only and not as a substitute for professional advice.
