Upcoming IPO: Veeda Clinical Refiled DRHP to Raise Funds Via IPO

Veeda Clinical Research has refiled its Draft Red Herring Prospectus (DRHP) with the market regulator, the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The company had previously submitted its IPO documents to SEBI on September 27, 2021. The book-running lead managers for the IPO are Axis Capital Ltd, CLSA India Private Ltd, IIFL Capital Services Ltd, and SBI Capital Markets Ltd, while MUFG Intime India Private Ltd will act as the registrar.

Veeda Clinical Research IPO Details

Veeda Clinical Research IPO will have a face value of ₹2 and consists of a fresh issue of shares worth up to ₹185 crore, along with an offer-for-sale of up to 13 million equity shares from Promoter and other Selling Shareholders.

The Offer for Sale includes the following:

• Basil Private Limited: up to 3,493,895 equity shares
• Bondway Investments Inc.: up to 7,359,620 equity shares
• Dr. S N Vinaya Babu: up to 810,000 equity shares
• Sabre Partners AIF Trust: up to 690,210 equity shares
• CX Alternative Investment Fund: up to 198,795 equity shares
• Anushka Singh: up to 210,570 equity shares
• Vikrampati Singhania: up to 81,694 equity shares
• Harsh Pati Singhania: up to 40,847 equity shares
• Anshuman Singhania: up to 40,487 equity shares
• Siddharth Ramesh Kejriwal: up to 34,000 equity shares

Use of IPO Proceeds

The ₹50 crore raised from the fresh issue this upcoming IPO will be allocated as follows:

• ₹35 crore will be directed toward capital expenditures for Bioneeds India Private Limited, including the purchase of equipment and machinery.
• ₹10.89 crore will be used to repay or prepay specific borrowings for Bioneeds India Private Limited.
• ₹33 crore will support organic growth for Veeda, Bioneeds India Private Limited, and Health Data Specialists (Holdings) Ltd, including marketing, technology upgrades, and the implementation of modern digital solutions to enhance operational efficiency and data management.
• Remaining funds will be used for general corporate purposes.

About Veeda Clinical Research Limited

Established in 2004 and starting operations in 2005, Veeda Clinical Research began with a facility in Ahmedabad, Gujarat, designed for Healthy Volunteer Studies (HVS). Veeda offers a broad array of services, including both early and late-phase clinical trials, HVS focusing on bioavailability and bioequivalence studies, pre-clinical trials, non-clinical testing, and biopharma services such as non-clinical analysis and clinical bioanalysis for large molecules.

With a strong presence in key global markets, including North America, Europe, and Asia (including India), Veeda has become a key player in the clinical research industry. The company has a proven track record of compliance, having passed 119 global regulatory inspections for its HVS and pre-clinical services. In terms of financial performance, Veeda has shown consistent growth, with its operational revenue rising at a compound annual growth rate (CAGR) of 16.18% between FY 2022 and FY 2024.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.