Bafna IPO oversubscribed by 4.96 times

Mumbai, Jun 2 (UNI) Initial Public Offer of Bafna Pharmaceuticals Limited (Bafna), a multi-product pharmaceutical formulations company in diverse therapeutic segments, has been subscribed about 4.96 times, as against 64,00,000 shares offered.

The IPO closed for subscription on May 30.

The Chennai-based Bafna is engaged in the manufacturing of Betalactum and Non-Betalactum pharmaceutical formulations in tablets, capsules and liquid forms. The company manufactures 126 formulations under various therapeutic segments such as anti-infective, cholesterol lowering agents, analgesic and antipyretic, antihelmintics, appetite stimulants, cough&cold preparations, antiulcerants anti diabetic and vitamins.

The proceeds of the issue would be utilized towards brand building exercise in domestic market. Further, it intends to register the company, products and create brand in international markets.

Bafna would also strengthen up R&D facility at its Grantlayon plant besides getting MHRA certification. It is also proposing to retire high-cost debts through the IPO proceeds, the company said in a release here.

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