Surya Pharmaceuticals Ltd will come with an initial public offering (IPO) of 30 lakh equity shares of Rs. 10 each for cash at a premium of Rs. 35 each aggregating Rs. 13.50 crore in December 2003. This will constitute 28 per cent of public holding with the rest being held by the promoters. The proceeds from the IPO will be utilized as working capital as well as for the purchase of infrastructure and machinery for R&D. Systematix Corporate Services has been appointed as the lead manager in the process.

“The entire formalities of the IPO have been completed. The IPO will take place any where during early December,” said Rajeev Goyal, managing director, Surya Pharmaceuticals Ltd.

Surya Pharma was incorporated in 1992 and is a profit making company since then. The company manufactures antibiotics in the form of semi-synthetic penicillin, Ampicillin, Amoxycillin and Cloxacillin, anti-histamines, drug intermediates and formulations. It has got three API and one formulation manufacturing facility in and around Delhi. The API units can manufacture 963 TPA APIs and 800 TPA intermediates. The formulation facility manufactures 91 lakh numbers of formulation capsules. All its facilities are WHO GMP certified.

The company supplies bulk drugs and APIs to companies like GSK, Cipla, Ind-Swift Labs, Merck and Dr. Reddy’s Labs. It has tie-ups with distribution and trading companies across countries like Korea, Japan, Taiwan, Thailand, Brazil, Chile, Argentina and Mexico.

“We are also aligning ourselves in tune to meet US FDA requirements. By the next 18 months, we are hopeful of getting a USFDA approval,” he said. Surya Pharma achieved a turnover of Rs. 140 crore for the year ended March 2003.