Intas Pharma defers IPO

Ahmedabad-based pharmaceutical company, Intas Pharma announced that it has deferred its IPO plans and will be raising Rs300 crore from ChrysCapital in a pre-IPO round. The company has deferred its listing plans for the time being and intends to re-file for an IPO once market conditions stabilise.

This will be ChrysCapital's second investment in Intas, having originally backed the company in 2006 from an older fund. This investment comes at a significant multiple to the 2006 investment.

Before selling the stake worth Rs300 crore, the holding of ChrysCapital in Intas Pharma was 11.3% and after offering more stake, the holding has gone up. The pharmaceutical company has not disclosed the increase in holding of ChrysCapital.

The Rs2,700 crore company, has a strong presence in chronic therapy areas. Based on the chairman, Hasmukh Chudgar's recommendation, the board members endorsed the appointments of Binish Chudgar as the vice-chairman and MD, as well as Nimish Chudgar as the MD and CEO with immediate effect. These appointments are to drive forward the company's ambitious growth plans and develop world-class leadership in the run-up to a public listing in the near future.

"ChrysCapital has been an integral part of our journey and has played an important role in determining our business strategy along the way," said Binish Chudgar.

Sanjiv Kaul, ChrysCapital's nominee on the board of the company, said, "Intas has demonstrated impressive historical growth and profitability and is poised for significant growth in coming years.This follow-on investment reaffirms ChrysCapital's faith in the company's ability to continue to deliver superior shareholder value over the years.”