Mumbai: Ahmedabad-based Sotac Pharmaceuticals Ltd announced here recently its IPO for 30,00,000 equity shares priced between Rs 105 to Rs 111. The IPO is scheduled to open on March 28 (for Anchor) and March 29 (for the public) before closing on April 3, 2023.
Out of the 30,00,000 shares, 14,23,000 shares will be reserved for the QIB quota (including Anchor Reservation), 4,28,400 shares will be reserved for HNI quota, 9,98,400 shares will be reserved for retail quota and 1,50,000 shares will be reserved under the market maker quota.
The issue will be subsequently listed on the NSE Emerge platform and Beeline Capital Advisors Pvt. Ltd is the lead manager to the issue, while KFin Technologies Ltd is the registrar to the issue.
Noting that one of Sotac’s products – “Cold Zone” pain gel — is being sold in the USA over the past three months following permission being given by the FDA there and another 13 products being readied for the North American market, Sharadkumar Dashratbhai Patel, Managing Director, Sotac Pharmaceuticals Ltd, told media that the Company’s vision is now focused also on exports to USA, Kenya and other countries.
“Our product portfolio is increasing rapidly and daily,” Patel said while noting that the IPO issue proceeds will be utilised for: meeting working capital requirements, investment in subsidiary, upgradation/construction of existing/new building in the company premises, general corporate purposes and Issue expenses.
Sotac Pharmaceuticals has a diverse product portfolio that includes a wide range of pharmaceuticals, nutraceuticals and food products. Its state-of-the-art manufacturing facility highlights high-quality products including tablets, capsules, oral liquids, dry syrups and external preparations like ointments, lotions and creams.
Sotac Pharmaceuticals’ consolidated revenue from operations for 6MFY23 was Rs 39.75 crores, Rs 73.15 crores for FY22 and Rs 48.84 crores for FY21. Consolidated EBITDA for 6MFY23 was Rs 3.68 crores, Rs 6.14 crores for FY22 and Rs 1.46 crores for FY21.
While the Company’s progress is backed by its experienced promoters of diverse backgrounds and combined experience of over 59 years in various industries, it has recently completed capacity expansion and has an upcoming facility in its subsidiary – Sofac Lifesciences Private Limited – providing significant room for growth. It also has well-equipped R&D capabilities in its wholly-owned subsidiary Sotac Research Private Limited.
The promoters of the company are: Sharadkumar Dashratbhai Patel, Dineshkumar Babulal Gelot, Vishalkumar Devrajbhai Patel, Chetankumar Bachubhai Patel and Mrs Kiran Baldevbhai Jotania.
