Bafna Pharmaceuticals to float IPO on May 27

May 22nd, 2008 - 7:48 pm ICT by admin  

Kolkata, May 22 (IANS) Bafna Pharmaceuticals Limited hopes to raise Rs.256 million through the May 27 launch of its initial public offer (IPO) of 6.4 million equity shares of Rs.10 each for cash at a premium of Rs 30 per share. The offering will close May 30, the company said Thursday.

Company chairman and managing director Bafna Mahaveer Chand said the money raised would be used, among others, for registering its products, setting up R&D facilities, brand building in the domestic market, and part repayment of a loan it has taken from the State Bank of India.

The company manufactures medicines to treat cardiovascular diseases, diabetes, anxiety and depression, as also anti-infective products.

It has already registered 47 products in Sri Lanka and five in the Ukraine and plans to register additional products in international markets.

“As a long term strategy, we intend to register more and more products in different countries in our name and propose to establish marketing teams to promote these products,” Chand said.

The company has a contract manufacturing deal with Somex Pharma for sales of cholesterol-lowering agent products in Britain. It also plans to enter Africa by registering 25 products in six countries.

During fiscal 2007-08, the company’s ratio of domestic sales to exports was 70:30 and in the current fiscal it expects this to be 50:50.

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