Innova Captab
Book Building issueMainboard₹570 Cr issue
+1.81%
Listing gain over issue price
Issue size
₹570 Cr
1 lot at cut-off
₹14,784
Lot size
33shares
Open
21 Dec 2023
Close
26 Dec 2023
Allotment
27 Dec 2023
Listing
29 Dec 2023
Listing performance
Issue price
₹448
Listed at
₹456.10
Listing-day close
₹545.15
Latest price
₹987.30
Close on 23 Oct 2026
Listing gain
+1.81%
Return since issue
+120.38%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Dec 2023 – 26 Dec 2023
- Listing date
- 29 Dec 2023
- Face value
- ₹10 per share
- Issue price
- ₹448 per share
- Lot size
- 33 shares
- Issue type
- Book Building issue
- Total issue size
- ₹570 Cr
- Market cap at offer price
- ₹2,564 Cr
- Promoter holding
- 65.96% → 50.89% pre-issue → post-issue
- ISIN
- INE0DUT01020
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- 601, Proxima, Plot No.19, Sector, 30 A, Vashi, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 38,16,963 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 33 shares per lot, in multiples, at ₹448
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 33 | ₹14,784 |
| Retail (max) | 13 | 429 | ₹1,92,192 |
| S-HNI (min) | 14 | 462 | ₹2,06,976 |
| S-HNI (max) | 67 | 2,211 | ₹9,90,528 |
| B-HNI (min) | 68 | 2,244 | ₹10,05,312 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
38,16,963
Anchor portion
₹171 Cr
at ₹448 per share
Valuation and performance
Valuation at offer price
₹448 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 14.16 | — |
| P/E (×) | 31.64 | — |
| Market cap | — | ₹2,564 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 24.58%
- ROCE
- 22.61%
- Debt / equity
- 0.85
- PAT margin
- 7.34%
- NAV per share
- ₹57.60
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Innova Captab
Innova Captab Limited is a public limited company incorporated in Mumbai on January 3, 2005 (originally as Harun Health Care Private Limited, renamed to Innova Captab Limited in 2010, and converted to public limited company in 2018). The company operates as an integrated pharmaceutical company with presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing, and exports. The company's business comprises three segments: a CDMO business providing research, product development and manufacturing services to Indian pharmaceutical companies; a domestic branded generics business; and an international branded generics business. In Fiscal 2022, among Indian formulation CDMO players, the company recorded the third highest operating revenue, second highest operating profit margin, third highest net profit margin, and second highest return on capital employed. The company has two manufacturing facilities in Baddi, Himachal Pradesh producing tablets, capsules, dry syrups, dry injections, ointments and liquid orals. The company also recently acquired Sharon Bio-Medicine Limited on June 30, 2023 for ₹1,954 million through corporate insolvency resolution process.
Company Analysis
from RHPInnova Captab Limited is an integrated pharmaceutical company providing contract development and manufacturing organization (CDMO) services, domestic branded generics, and international branded generics across manufacturing, R&D, and distribution.
Innova Captab Limited is a public limited company incorporated in Mumbai on January 3, 2005 (originally as Harun Health Care Private Limited, renamed to Innova Captab Limited in 2010, and converted to public limited company in 2018). The company operates as an integrated pharmaceutical company with presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing, and exports. The company's business comprises three segments: a CDMO business providing research, product development and manufacturing services to Indian pharmaceutical companies; a domestic branded generics business; and an international branded generics business. In Fiscal 2022, among Indian formulation CDMO players, the company recorded the third highest operating revenue, second highest operating profit margin, third highest net profit margin, and second highest return on capital employed. The company has two manufacturing facilities in Baddi, Himachal Pradesh producing tablets, capsules, dry syrups, dry injections, ointments and liquid orals. The company also recently acquired Sharon Bio-Medicine Limited on June 30, 2023 for ₹1,954 million through corporate insolvency resolution process.
PharmaceuticalsContract Development and Manufacturing Organization (CDMO)Branded GenericsActive Pharmaceutical Ingredients (APIs)Drug Manufacturing
Objects of the Issue
- Repayment and/or prepayment, in part or in full, of certain outstanding loans of our Company ₹1,444.00 million p.27
- Investment in our Subsidiary, UML, for repayment and / or prepayment in part or full of outstanding loans availed by UML ₹236.00 million p.27
- Funding our working capital requirements ₹720.00 million p.27
- General corporate purposes p.27
- Funding capex for the Jammu Manufacturing Facility construction and equipment ₹2,100.00 million p.49
- Working capital requirements ₹1,100.00 million
- Repayment and / or prepayment in part or in full, of certain outstanding loans of our Company ₹1,444.00 million p.103
- Investment in our Subsidiary, UML, for repayment and / or prepayment in part or full of outstanding loans availed by UML ₹236.00 million p.103
- Funding our working capital requirements ₹720.00 million p.103
- General corporate purposes p.103
- Expansion of manufacturing capacities - construction of new 240,916 sq. ft facility in Jammu which will include tablets, capsules, dry syrups and injections ₹3,551.72 million estimated total project cost p.194
- Not specified in this document part
- Fresh Issue aggregating up to ₹3,200.00 million ₹3,200.00 million p.462
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹3,200.00 million
- Offer for Sale
- Up to 5,580,357 Equity Shares aggregating up to ₹[●] million (comprising up to 1,953,125 Equity Shares by Manoj Kumar Lohariwala, up to 1,953,125 Equity Shares by Vinay Kumar Lohariwala, and up to 1,674,107 Equity Shares by Gian Parkash Aggarwal)
- Price Band
- [●] (Floor Price) to [●] (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company earns revenue through three primary segments: (1) CDMO business providing research, product development and manufacturing services to pharmaceutical companies; (2) domestic branded generics business selling pharmaceutical products in India; and (3) international branded generics business exporting pharmaceutical products to multiple countries. Revenue is generated by manufacturing and supplying pharmaceutical formulations to CDMO customers, marketing branded generic products domestically, and exporting finished pharmaceutical products internationally.
Business Segments
Provides research, product development and manufacturing services to Indian pharmaceutical companies. The company had 182 CDMO customers in Fiscal 2023 and 133 customers in three months ended June 30, 2023.
Sells branded generic pharmaceutical products in the Indian domestic market.
Exports pharmaceutical products to international markets. Top export countries include Kenya, Afghanistan, Sri Lanka, Uganda, Ethiopia, Nigeria, Yemen, Tanzania, Iraq, and France.
Manufacturing and selling of branded generic pharmaceutical products distributed through distributors, stockists, retail pharmacies and online e-commerce platforms for domestic and export markets.
Providing contract research and development services, including drug discovery, drug development, and contract manufacturing services for pharmaceutical companies and customers.
Contract Development and Manufacturing of pharmaceutical formulations for third-party pharmaceutical companies including specimen development, clinical trials, commercial production and distribution
Rapidly growing domestic and international export branded generics businesses
Commercial large-scale manufacturing of generic products for Indian pharmaceutical companies with comprehensive formulation capabilities including oral solids, oral liquids, dry syrups, injectables, modified and sustained release forms, and tablets in capsules. Serves 182 CDMO customers as of Fiscal 2023 with products spanning acute and chronic therapeutic areas.
Development, manufacture and distribution of generic formulation products marketed and distributed under the company's own brand names in India through a network of distributors, stockists and retail pharmacies. Products cover therapeutic areas including cephalosporins, proton pump inhibitors, NSAIDs, cardiovascular, antidiabetic and other therapeutic segments.
Export of branded generic products to emerging and semi-regulated international markets, with expansion into regulated markets like the United Kingdom and Canada. As of October 31, 2023, the company has 200 active product registrations with international authorities and 218 fresh registration applications in process.
Manufacturing of intermediates and active pharmaceutical ingredients (APIs) and contract manufacturing services for pharmaceutical products. Operates two manufacturing facilities in Dehradun, Uttarakhand and Taloja, Maharashtra. Caters to domestic and international markets including Canada, UK, Europe, Australia and Central/South America. Also operates Sa-Ford, a contract research organization for research and development services.
Manufacturing of cephalosporin pharmaceutical products
Manufacturing of general pharmaceutical formulations including tablets, capsules and external preparations
Manufacturing of intermediates and active pharmaceutical ingredients through subsidiary Sharon Bio-Medicine Limited
Manufacturing and sale of finished pharmaceutical products, traded goods, and related services
Provides manufacturing services to Indian pharmaceutical companies including commercial large-scale manufacturing of generic products, loan license agreements with customers, and comprehensive formulation capabilities across multiple dosage forms including oral solids, oral liquids, dry syrups, injectables, and complex delivery forms such as modified and sustained release forms
Development, manufacture and distribution of generic formulation products marketed and distributed in India under the company's own brand names through online and offline channels across therapeutic areas including cephalosporins, proton pump inhibitors, NSAIDs, analgesics, antiemetics, antidiabestics, cardiovascular products and others
Exports branded generic products to emerging and semi-regulated international markets, with expansion into regulated markets like the United Kingdom and Canada
Providing contract development and manufacturing services to pharmaceutical companies for formulations. The company competes on basis of product portfolio, security of supply, service delivery and manufacturing flexibility, and cost-effective manufacturing.
Manufacturing and marketing branded generic pharmaceutical products within India through a network of distributors, stockists, and retail pharmacies, with products also available online through e-commerce pharmacy sites.
Manufacturing and exporting branded generic pharmaceutical products to international markets, with focus on emerging and semi-regulated markets, and expanding to developed markets such as the United Kingdom and Canada.
Contract development and manufacturing services provided to pharmaceutical companies
Manufacturing and selling of finished pharmaceutical products for therapeutic areas including gastroenterology, anti-microbials, pain management, and dermatology
Manufacturing and selling of active pharmaceutical ingredients
SWOT Analysis
Strengths
- • Third-highest operating revenue among Indian formulation CDMO players in FY2022(p.26)
- • Diversified business model across CDMO, domestic and international branded generics(p.26)
- • Growing customer base with 182 CDMO customers in FY2023(p.38)
- • Established CDMO formulation player with significant R&D infrastructure(p.47)
- • Strong revenue growth trajectory(p.52)
- • Established distribution network for branded generics(p.49)
- • Multiple manufacturing locations with expansion underway(p.48)
- • Diversified product portfolio across therapeutic segments(p.47)
- • Leading CDMO with rapid growth in Indian pharmaceutical formulations market(p.116)
- • Well-established relationships with marquee CDMO customer base(p.116)
- • Highly efficient operations with world-class manufacturing facilities(p.116)
- • Strong R&D focus for complex product portfolio development(p.116)
- • Consistent financial performance(p.116)
- • Experienced promoters and management team(p.116)
- • Growing domestic and international export branded generics businesses(p.116)
- • Leading CDMO position with strong financial performance metrics(p.182)
- • Diverse and growing CDMO product portfolio across therapeutic areas(p.182)
- • Comprehensive formulation capabilities across multiple dosage forms(p.182)
- • Strong established relationships with marquee CDMO customers(p.186)
- • High manufacturing efficiency and asset turnover(p.188)
- • In-house R&D capabilities and emerging technology development(p.192)
- • Experienced promoters and qualified management team(p.194)
- • Rapid growth in domestic and international branded generics(p.190)
- • Established financial control framework with top management oversight of fair value measurements(p.274)
- • Diversified subsidiary base including healthcare and pharmaceutical entities(p.274)
- • Significant property, plant and equipment base with growth trajectory(p.292)
- • Strong revenue growth with diversified product portfolio(p.304)
- • Strong CDMO market position with third-highest revenue among Indian formulation CDMO players in Fiscal 2022(p.356)
- • Marquee customer base including 14 of top 15 Indian pharmaceutical companies(p.356)
- • Diversified CDMO product portfolio spanning 2,467 products across all top 10 therapeutic areas(p.358)
- • GMP-certified manufacturing facilities with WHO-compliant standards(p.357)
- • Strong revenue growth at 50.19% CAGR from Fiscal 2021 to Fiscal 2023(p.356)
- • Established long-term customer relationships with typical CDMO agreements of 2-5 years(p.361)
- • In-house DSIR-recognized R&D laboratory supporting product development(p.357)
- • Extensive domestic distribution network with 5,000+ distributors and 150,000+ retail pharmacies(p.362)
- • Strong CDMO market position—third-highest operating revenue among Indian formulation CDMO players(p.363)
- • Significant customer base including 14 of the top 15 Indian pharmaceutical companies(p.364)
- • Integrated manufacturing capability with dedicated R&D laboratory and pilot equipment(p.362)
- • Strong revenue growth in international business—42.38% CAGR from FY2021 to FY2023(p.362)
- • Expanding international market presence across 20 countries with 200+ active product registrations(p.362)
- • Strong operating cash generation with consistent growth trajectory(p.414)
- • Diversified funding sources and adequate liquidity facilities(p.413)
- • Significant expansion of manufacturing capacity at Jammu(p.414)
Weaknesses
- • High dependence on limited number of top CDMO customers—top 10 represent 56.29% of revenue(p.38)
- • Significant related party transactions constitute 10.72% of FY2023 revenue(p.44)
- • High dependence on China and China SEZ for imported raw materials—75.41% of imported raw materials in FY2023(p.41)
- • Capital-intensive business requiring substantial working capital; sanctioned facilities of ₹2,650 million with ₹1,585.53 million outstanding as of October 31, 2023(p.42)
- • Recent significant acquisition (Sharon) integration risks with uncertain benefit realization(p.33)
- • Restated Consolidated Financial Information not comparable period-to-period due to multiple acquisitions(p.33)
- • R&D expenditure significantly below industry peers(p.47)
- • High employee attrition, particularly in skilled workforce(p.50)
- • Significant receivables collection challenges(p.51)
- • Geographic concentration of all manufacturing and R&D in single state(p.52)
- • High contingent liabilities from guarantees(p.55)
- • Significant pending litigation involving company and promoters(p.53)
- • Substantial debt burden with covenants restricting operations(p.62)
- • High consolidated debt levels requiring repayment(p.104)
- • High working capital requirements dependent on financing and internal accruals(p.110)
- • Concentrated manufacturing base and facility dependency(p.153)
- • Dependence on loan repayment and financial obligations to meet growth targets(p.104)
- • Declining tablet capacity utilization despite capacity expansion(p.188)
- • High concentration of revenue from top customers(p.188)
- • Dependence on third-party suppliers without long-term contracts(p.208)
- • Significant imported raw material dependence(p.208)
- • Exposure to customer churn risk in CDMO business(p.201)
- • Significant reliance on specific related party suppliers for raw materials(p.312)
- • Substantial borrowings with multiple lenders creating refinancing complexity(p.299)
- • High leverage and debt service obligations(p.306)
- • Quarterly reporting discrepancies between bank submissions and books of accounts(p.301)
- • Concentration of promoter shareholding with limited public float historically(p.298)
- • Significant reliance on top 10 customers representing 56.29% of CDMO revenue in Fiscal 2023(p.361)
- • Substantial increase in debt post-Sharon acquisition with borrowings of ₹4,419 million as of June 30, 2023(p.348)
- • Impairment testing not performed on Sharon's PPE of ₹1,076.25 million due to management transition(p.344)
- • Sharon declared willful defaulter by banks due to prolonged CIRP(p.323)
- • Tablet manufacturing capacity utilization declined from 66.49% in Fiscal 2021 to 40.68% in Fiscal 2023(p.359)
- • Qualified audit opinion on pro forma financials due to unimpaired Sharon assets(p.334)
- • High dependence on small number of raw material suppliers—four suppliers account for 28.99% of purchases(p.363)
- • Material increase in debt from acquisitions—net debt increased from ₹331.32 million (FY2021) to ₹3,585.01 million (June 30, 2023)(p.369)
- • Significant debt servicing burden with net debt/EBITDA ratio of 11.06x (June 30, 2023)(p.370)
- • Small international sales and marketing team of only six personnel focused on international business(p.362)
- • Cost of materials consumed represents majority of operating expenses at 69-73% of total income(p.363)
- • High concentration of revenue in limited CDMO customer base(p.420)
- • Significant exposure to floating rate debt creating interest rate risk(p.416)
- • Large contingent liabilities and outstanding guarantees(p.416)
- • Substantial foreign exchange exposure without hedging(p.418)
- • Restated subsidiary Sharon has significant legacy fraud-related liabilities(p.433)
Opportunities
- • Indian CDMO market projected to grow at 12-14% CAGR from FY2023 to FY2028, reaching ₹2,400-2,500 billion(p.26)
- • Expansion into international markets with growing export presence to multiple countries(p.35)
- • Opportunity to increase market share; current market share in Indian CDMO formulation market is only 1.03% in FY2023(p.36)
- • Planned new manufacturing facility in Jammu to expand production capacity(p.7)
- • Expansion into new therapeutic segments and CDMO services(p.56)
- • Capacity expansion to meet growing demand(p.49)
- • International expansion through existing export channels(p.50)
- • Strategic acquisitions to consolidate market position(p.56)
- • Strong growth in global CDMO market at 6-7% CAGR through 2027(p.140)
- • Indian CDMO market projected to grow 12-14% CAGR from 2023-2028(p.160)
- • Rising trend of outsourcing among pharmaceutical industry players globally(p.161)
- • India becoming a preferred manufacturing and sourcing hub due to China+1 strategy(p.139)
- • Growing demand for complex generics and specialty drugs with limited competition(p.155)
- • Indian domestic formulation market growth at 9-10% CAGR through 2028(p.146)
- • Increasing prevalence of chronic diseases driving pharmaceutical demand(p.146)
- • Strong growth trajectory in Indian CDMO market(p.186)
- • Expansion of manufacturing capacity in Jammu with government incentives(p.194)
- • Growing demand for complex generics with higher margins(p.192)
- • Expansion into regulated international markets(p.196)
- • Growth in domestic formulations driven by chronic disease prevalence(p.197)
- • Patent expiry creating opportunities in biosimilars(p.163)
- • Strategic acquisition opportunities for backward integration(p.197)
- • Expansion through acquisition of new subsidiaries in pharmaceutical and healthcare sectors(p.292)
- • International market expansion with growing export revenue(p.305)
- • Increased manufacturing capacity through capital works in progress(p.292)
- • Product portfolio expansion across drugs and pharmaceutical products(p.304)
- • Expansion of manufacturing capacity through planned Jammu facility and Panchkula R&D center(p.357)
- • Growth in CDMO business from expanding customer base from 119 in Fiscal 2021 to 182 in Fiscal 2023(p.361)
- • Expansion of branded generics business with revenue growth from nil in Fiscal 2021 to ₹1,661.61 million in Fiscal 2023(p.359)
- • International market expansion through exports to 20 countries with focus on regulated markets(p.359)
- • Increasing pharmaceutical industry outsourcing trend creating CDMO growth opportunities(p.361)
- • Integration of acquired Sharon facility adding manufacturing capacity and API capabilities(p.322)
- • Strategic expansion into developed markets including UK and Canada(p.362)
- • Government incentives for Jammu facility under New Central Sector Scheme(p.365)
- • Capacity expansion via new 240,916 sq. ft facility in Jammu(p.365)
- • Growth in domestic branded generics segment expanding from nil (FY2021) to ₹1,661.61 million (FY2023)(p.362)
- • Strategic acquisitions adding manufacturing and economic synergies—Sharon acquisition adds API and finished dosage capabilities(p.366)
- • Capacity expansion initiatives to support growth(p.423)
- • Access to organized pharmaceutical and CDMO market(p.420)
Threats
- • Highly competitive pharmaceutical CDMO market with 300-400 organized and ~15,000 unorganized players(p.34)
- • Government price controls on pharmaceutical products; approximately 900-1000 scheduled formulations currently price-fixed by Government(p.44)
- • Dependence on manufacturing facilities subject to breakdown, industrial accidents, and natural disasters(p.37)
- • Raw material supply disruptions and price volatility; imported raw materials subject to commodity market fluctuations and export tariffs(p.44)
- • Extensive pharmaceutical regulatory requirements; failure to comply could result in fines, facility closure, or production stoppages(p.46)
- • Product quality defects and recalls expose company to liability; 10 product recalls from April 2021 to June 2023 with estimated liabilities of ₹3.00 million(p.40)
- • Intense competition from larger pharmaceutical companies(p.49)
- • Patent protection and regulatory barriers limiting generic competition(p.57)
- • Foreign exchange volatility affecting exports and raw material costs(p.54)
- • Trade barriers and international sanctions affecting exports(p.50)
- • Product liability and regulatory approval risks(p.57)
- • Macroeconomic slowdown impacting domestic pharmaceutical demand(p.65)
- • Inflation and rising input costs(p.66)
- • Potential labour disruptions despite current stable labour relations(p.53)
- • Continued pricing pressure in US pharmaceutical market(p.153)
- • Dependence on China for 71% of pharmaceutical intermediates imports(p.153)
- • Currency volatility impact on export realisations and import costs(p.152)
- • Stringent US FDA compliance and data integrity requirements(p.153)
- • High fragmentation in Indian formulation industry with 15,000 unorganized players(p.153)
- • Regulatory controls on pharmaceutical pricing through DPCO(p.152)
- • Global CDMO market highly fragmented with consolidation expected(p.142)
- • Government regulation changes impacting pharmaceutical industry operations(p.152)
- • Changing government regulations and price controls(p.163)
- • High import dependency for raw materials from China(p.163)
- • Intense competition among fragmented CDMO players(p.164)
- • Technology adoption challenges across fragmented industry(p.164)
- • Regulatory compliance burden from Schedule M upgrade(p.165)
- • Limited in-house drug development capabilities across industry(p.164)
- • Interest rate volatility affecting borrowing costs(p.299)
- • Regulatory changes in pharmaceutical sector and compliance requirements(p.310)
- • Exposure to inflation and input price volatility(p.310)
- • Foreign exchange fluctuation risks(p.305)
- • Dependence on bank credit facilities with covenant requirements(p.299)
- • Significant liabilities from Sharon acquisition remaining unpaid due to operational constraints(p.343)
- • CBI search and investigation at Sharon in March 2023 with seizure of servers(p.323)
- • Severe fire damage at Sharon's API Unit in February 2023 destroying PPE and inventory(p.323)
- • Sharon non-compliance with gratuity contribution requirements under Payment of Gratuity Act(p.344)
- • Sharon non-compliance with unclaimed dividend transfer requirements(p.344)
- • Ongoing NCLT proceedings regarding Sharon merger approval and creditor forfeiture claims(p.340)
- • Customer concentration risk with top 20 customers representing 70.02% of CDMO revenue in Fiscal 2023(p.361)
- • Highly competitive domestic CDMO market with 300-400 organized and ~15,000 unorganized players(p.364)
- • Bargaining power reduction due to high competition and fragmentation in contract manufacturing(p.364)
- • Risk of price competition from competitors with lower production costs(p.364)
- • Raw material supply disruption risk from dependence on limited supplier base(p.363)
- • Exposure to foreign exchange fluctuations—8.71% of revenue from exports in FY2023(p.365)
- • Risk of API and raw material price increases from commodity market fluctuations and regulatory changes(p.363)
- • R&D execution risk with high development costs and regulatory approval uncertainties(p.362)
- • Increased competition from large pharmaceutical companies entering CDMO and divesting manufacturing capacity(p.364)
- • Regulatory compliance risk related to drug quality and manufacturing standards(p.425)
- • Intense competition in pharmaceutical and CDMO industry(p.420)
- • Customer payment delays and credit risk from trade receivables(p.418)
- • Foreign exchange rate volatility affecting export business(p.418)
- • Multiple stringent loan covenants and potential events of default(p.423)
- • Litigation and regulatory actions related to product quality and tax compliance(p.434)
- • Subsidiary Sharon suspension from stock exchange trading(p.451)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Manoj Kumar Lohariwala | Promoter Selling Shareholder | 38.01% | — |
| Vinay Kumar Lohariwala | Promoter Selling Shareholder | 28.82% | — |
| Manoj Kumar Lohariwala | Promoter | 38.01% | — |
| Vinay Kumar Lohariwala | Promoter | 28.82% | — |
| Gian Parkash Aggarwal | Selling Shareholder/Promoter Group | 28.98% | — |
| Manoj Kumar Lohariwala | Promoter | 28.98% | — |
| Vinay Kumar Lohariwala | Promoter | — | — |
| Archit Aggarwal | Promoter | — | — |
| Manoj Kumar Lohariwala | Promoter and co-founder | — | — |
| Vinay Kumar Lohariwala | Promoter and co-founder | — | — |
| Manoj Kumar Lohariwala | Promoter | 38.01% | — |
| Vinay Kumar Lohariwala | Promoter | 28.82% | — |
| Manoj Kumar Lohariwala | Promoter | 39.66% | — |
| Vinay Kumar Lohariwala | Promoter | 30.08% | — |
| Manoj Kumar Lohariwala | Promoter | — | — |
| Vinay Kumar Lohariwala | Promoter | — | — |
| Manoj Kumar Lohariwala | Promoter/Selling Shareholder | — | — |
| Vinay Kumar Lohariwala | Promoter/Selling Shareholder | — | — |
| Gian Parkash Aggarwal | Promoter/Selling Shareholder | — | — |
| Manoj Kumar Lohariwala | Promoter/Selling Shareholder | — | — |
| Vinay Kumar Lohariwala | Promoter/Selling Shareholder | — | — |
| Gian Parkash Aggarwal | Selling Shareholder | — | — |
Leadership
Manoj Kumar Lohariwala · Promoter
Vinay Kumar Lohariwala · Promoter
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Innova Captab IPO FAQs
What is the lot size of Innova Captab IPO?
The minimum lot size of Innova Captab IPO is 33 shares. One lot costs ₹14,784 at the cut-off price.
When does Innova Captab IPO open and close?
Innova Captab IPO opened for subscription on 21 Dec 2023 and closed on 26 Dec 2023.
What is the listing date of Innova Captab IPO?
Innova Captab IPO listed on 29 Dec 2023.