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#2
21st April 2005, 09:34 AM
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Re: Mangalam Drugs IPO
Mangalam Drugs and Organics Ltd. announced on Monday that it would raise Rs143mn through an Initial Public Offering (IPO) of 6.5mn equity shares of Rs10 each for cash at a premium of Rs12 per share.
The issue would open on April 19 and would close on April 26. The Company is planning to enhance its capacity to manufacture Anti-malaria bulk drugs by 600mn tons per annum (MTPA) and that of Aluminium Chloride by 6,000 MTPA. The proceeds of the IPO would be utilised to meet the expansion of its existing facilities as well as expansion of capacity for an existing product at a new site. It would also be deployed to meet the Company's additional working capital requirement and the expenses pertaining to the IPO, besides repaying some of its high cost debt. Mangalam has six multi-product manufacturing facilities at Vapi in Gujarat and Sangamner in Maharashtra for the production of bulk drugs, perfumery chemicals, inorganic chemicals and disperse dyes intermediaries. It would soon introduce the latest anti-malaria bulk drugs - Astesunate, Artiether and Artimether, recommended by the World Health Organisation (WHO) and have a higher realisations as compared to its existing products. By setting up a project for expanding its production capacities for the above items, the Company would be able to take advantage of the demand-supply gap in the market, Mangalam said. It would be in a position to cater to the local, as well as the export demand for anti-malaria and aluminium chloride products and enhance its customer base, it added. The Company would also manage to get the advantage of economies of large scale production and thereby reduce its production costs, said Mangalam. By lowering the cost of production, it would be in a position to access and penetrate the untapped markets in developing countries by supplying its products at competitive rates, it added. 
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