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GreenSignal Bio Pharma Limited files DRHP for IPO

Posted On: 2016-07-07 00:03:46

GreenSignal Bio Pharma Limited (GSBPL), a vaccine manufacturing company, has filed the DRHP with SEBI for its proposed Public Offer through Offer for Sale (OFS). The Company has signed up with Indian Overseas Bank to be the Global Co-ordinator and Book Running Lead Manager and Bigshare Services Pvt. Ltd. to be the Registrar for the proposed offer.

The Offer for Sale would constitute about 1,45,79,560 shares of face value of Rs. 10/- each at a premium to be decided through the Book Building process and shall be offered by the existing shareholders (38% of the paid-up capital of GSBPL) to QIBs, HNIs and retail investors in India as well as FIIs, FPIs and NRIs eligible to invest in these securities.

"GreenSignal's proposed IPO and listing in India's Stock Exchanges will increase its shareholder base. The majority of GSBPL's revenue for quarter ended June 30, 2016 comes from exports to various countries", said Dr. P. Murali, Managing Director, GSBPL.

GSBPL has been promoted by Mr. P. Sundaraparipooranan and Dr. P. Murali. The Company's Chairman is Mr. N. Gopalaswami, former Chief Election Commissioner of India.

BCG vaccine is given for protection against tuberculosis, mainly severe forms of childhood tuberculosis. 24 million children below the age of one year were administered BCG vaccine during 2015. BCG vaccine demand through UNICEF has increased from 123 million doses in 2014 to 152.2 million doses in 2015.

The global demand for BCG vaccines is estimated at approximately 280 million doses annually, with the highest requirement coming from India. The total shortfall for BCG vaccination is estimated at nearly 30 million doses annually.

GSBPL is one of the four companies worldwide who have been WHO-prequalified to supply the BCG vaccine to UNICEF. The company manufactures and supplies the Tuberculosis (TB) immunizing vaccines called the BCG (Bacillus Calmette-Guerin) that are administered to babies to protect them from being infected with severe forms of childhood Tuberculosis (TB). Government of India, Ministry of Health and the UNICEF (United Nations International Children's Emergency Fund) are the principal clients of GSBPL.

The company has a firm order pipeline of 84 lakhs vials to be executed in the next two years. GSBPL also exports products to 17 countries either directly through UNICEF or indirectly, through supply, distribution and other arrangements.

GSBPL also produces BCG ONCO for Immunotherapy (Freeze Dried) BP for the treatment of Urinary Bladder Carcinoma, under the brand name 'Urovac'. GSBPL has commercial arrangement to distribute BCG-ONCO for Immunotherapy drug throughout India as also limited supplies to various countries like Lebanon, Saudi Arabia, Turkey and Switzerland.

The Company's manufacturing facility is located at No.49, Pappankuppam Village, Gummidipoondi, Tiruvalluvar Dist - 601 201. The Company has acquired 34.01 acres of land at Tiruvallur near Chennai, for its expansion projects.

GSBPL's consolidated Net Revenues from operations has grown by 210.70% from FY15 to FY16. For the year ended 31st March 2016, GSBPL posted Total Revenues of Rs.2049.25 lacs and Profit After Tax of Rs.530.95 lacs resulting in an EPS of Rs. 3.9 In FY2016, GSBPL's domestic and international operations accounted for 53.79% and 46.20% respectively of the Net Revenues.

The vaccine market, which was once considered as a commodity market, is now among the fastest developing markets for the global pharma industry. The global vaccine industry has witnessed impressive growth in recent times and has surpassed many of the traditional businesses in the global pharmaceutical market. It has now captured almost 3% of the overall global pharmaceutical industry.

India is one of the largest manufacturers and exporters of vaccines worldwide, with 12 major vaccine manufacturing facilities. These vaccines are used for the national and international markets (150 countries), which makes India a major vaccine supplier across the globe. India is the largest vaccine supplier to the UNICEF, supplying nearly 37% of the vaccines procured by UNICEF annually.

Source: Equity Bulls

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