Innova Captab Limited | Globe Capital Market LTD.
Innova Captab Limited
Price Band
₹426 to ₹448
IPO Issue Period
Dec 21, 2023 to Dec 26, 2023
Issue Size
₹570.00 Cr
Face value
₹10 per share
Fresh issue
₹320.00 Cr
Offer for sale
₹250.00 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Kfin Technologies Limited
Tentative Listing Date
Dec 29, 2023

ICICI Securities Limited
Jm Financial Limited

Incorporated in January 2005, Innova Captab Limited is a pharmaceutical company operating in three business segments. Firstly, it provides contract development and manufacturing services to Indian pharmaceutical companies. Secondly, the company has a domestic business dealing in branded generics. And thirdly, the company has an international business that deals in branded generics.

The company’s product portfolio includes tablets, capsules, dry syrups, dry powder injections, ointments and liquid medicines.

In the financial year 2023 and the three months ended June 30, 2023, the company produced and sold more than 600 different types of generics. These products were distributed under the company’s own brands in the Indian market through a network of approximately 5,000 distributors and stockists and over 150,000 retail pharmacies. In addition, Innova Capitab exported its branded generic products to 20 and 16 countries in FY2023 and the three months ended June 30, 2023, respectively.

As of October 31, 2023, the company employed a team of 29 scientists and engineers in its research and development laboratory. The company’s manufacturing facility is located in Buddi, Haryana

The company’s customer base includes Cipla, Glenmark Pharmaceuticals, Wockhardt, Corona Remedies, Emcure Pharmaceuticals, Lupin, Medley Pharmaceuticals, Eris Healthcare, Zuventus Healthcare, Ajanta Pharma, Mankind Pharma, and others.

As of October 31, 2023, the company has 200 active product registrations and 20 registrations pending renewal with international authorities. In addition, 218 new registration applications are being processed with international authorities.

For year/ period ended ( in Cr.)

H1FY23 FY22 FY21
Total Revenue 935.58 803.41 412.03
Profit After Tax 67.95 63.95 34.50
EPS 14.16 13.32 7.19
OPM (%) 9.81% 7.30% 11.24%
PATM (%) 7.26% 7.95% 8.37%


  • The company has a leading presence and is one of the fastest growing CDMOs in the Indian pharmaceutical formulation market.
  • The company has well-established relationships with its marquee CDMO customer base.
  • It has highly efficient operations, including its world-class manufacturing facilities and supply chain.
  • The company is rapidly growing in domestic and international export branded generics businesses.
  • It has a strong R&D focus to build an increasingly complex product portfolio and attract and retain customers.
  • It has experienced promoters and management team.
  • Repayment and / or prepayment in part or in full, of certain outstanding loans of the Company;
  • Investment in the Subsidiary, UML, for repayment and / or prepayment in part or full of outstanding loans availed by UML;
  • Funding the working capital requirements; and
  • General corporate purposes

The company is a branded generic pharmaceutical products manufacturer for the domestic and international markets. It has posted growth in its top and bottom lines. Based on FY24 annualized earnings, the issue appears fully priced, but it is poised for bright prospects post expansion. Hence, investor should subscribe for medium to long term.

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