As told investors GreenSignal Bio Pharma (GSBPL) can launch its IPO in October. But still this IPO was pending to be approved from market regulator SEBI.
Now finally GreenSignal Bio Pharma (GSBPL) has received a go ahead from SEBI. As per latest update SEBI has approved its proposed IPO on September 9, 2016.
The offering comprises 1,45,79,560 equity shares of GSBPL, representing 38 per cent of its equity share capital for cash through an offer for sale by the selling share-holders through the book building process.
GreenSignal Bio Pharma has filed its paper with market regulator SEBI in July. The equity shares will be offered by the company’s promoters P Sundaraparipooranan and P Murali along with other shareholders including Avon Cycles Ltd, R Srinivasan and and Mallika Murali. The company expects to raise between Rs 86 crore and Rs 120 crore through the issue.
GreenSignal Bio Pharma currently has two products — the BCG vaccine for preventing tuberculosis and the BCG-ONCO for immunotherapy. The latter is used in the treatment of urinary bladder cancer. The BCG vaccine contributed around 82.73 per cent of its revenues for the 12-month period ended March 31, 2016.
The objects of the GreenSignal Bio Pharma IPO are to achieve the benefits of listing the Equity Shares on the BSE and the NSE and to carry out the sale of up to 14,579,560 equity shares by the selling shareholders. Apart from enhancing the company’s visibility and brand image and providing liquidity to the existing shareholders, the listing of the equity shares will also provide a public market for the equity shares in India, said the company.
Company will not receive any proceeds of the Offer and all the proceeds will go to the selling shareholders.