CX partners backed Veeda Clinical Research receives

                     CX partners backed Veeda Clinical Research receives growth capital from Sabre Partners and a group of marquee HNIs

Veeda Clinical Research (“Veeda”), a full-service clinical research organisation (CRO) in India, raised USD 16mn in a round led by private equity fund, Sabre Partners. This round also saw participation from distinguished HNIs such as PranabMody (of JB Chemicals), Havells India family office, Nikhil Vora (Founder of Sixth Sense Ventures ; amongst the first investors in companies such as Paytm, Fogg deodorant, etc.), Arjun Bhartia (of Jubilant), amongst others.

Mr Rajiv Maliwal, Founder and Managing Partner, Sabre Partners, said: “We are excited to partner with Veeda as an equity investor. The CRO industry is witnessing rapid growth resulting from a confluence of economic and regulatory tailwinds. We believe Veeda is well positioned to capitalise this opportunity as one of the largest independent full service clinical research organizations, by revenue in India, as of March 31, 2021. They have offered broad range of services with experienced scientific talent and management team, and we look forward to working with them.”

Mr. Ajay Tandon, Managing Director, Veeda said, “We are delighted that Sabre Partners and the other distinguished investors have chosen to partner with us in realising our vision of being the preferred research partner offering broad range of drug development, pre-clinical and clinical research services to our global innovator, generic and biopharma clients. We will continue to invest in developing our delivery capabilities, to be increasingly relevant to our clients objectives.”

“Veeda Clinical Research Private Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of its equity shares in the near future and is in the process of filing a draft red herring prospectus with the Securities and Exchange Board of India.”

Day 2: Yes Bank FPO Subscribed

Day 2: Yes Bank FPO Subscribed 53%

 The full service commercial bank announced its Rs. 15K Cr fundraising plan via the Further Public Offering on July 13, 2020 on Day 1 saw a subscription of 24%, the QIB bids started coming on the first day itself and HNI and Retail book was subscribed 4% and 9% subsequently.

The issue has seen a considerable movement on Day 2 especially from the Qualified Institutional Bidders, whose book stood subscribed 1.42 times on the upper side of the price band. The retail portion was subscribed 19% and the HNI and Employee category both saw itself subscribed 10%. Bids of 4,341,540,000 shares were received via 3,04,804 applications against the shares offered.

 While there has been a mixed response amongst brokerage houses citing asset quality and the onset of NPAs as a concern, well established organizations like NVS Wealth, GEPL Capital, Asit C Mehta Investment Intermediates, KR Choksey, Hem Securities, Choice broking have given investor a green signal to subscribe to the issue and have advised to have a long term outlook in mind considering the banks scalability potential, leadership in payments ; widespread geographic presence ; the faith in its new reconstituted board and their clarity on near and medium term objectives to achieve normalcy

As stated in the RHP, the funds are being raised to ensure adequate capital to support its growth and expansion, including enhancing its solvency, capital adequacy ratio, and evolving regulatory requirements.

The new generation private sector bank currently has a presence in 28 states and 8 union territories with a network of 1135 branches and 1423 ATMs and has 1 representative office in Abu Dhabi.

Kotak Mahindra Capital Company Limited, SBI Capital Markets Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, DSP Merrill Lynch Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited and YES Securities (India) Limited are the appointed BRLMs to the issue.

Rossari Biotech Limited IPO subscription

Rossari Biotech Limited IPO subscription on Day 1 (July 13, 2020) at 05.00 pm. 

Overall 0.60 times - QIB 0.41 times, HNI 0.11 times and Retail 0.92 times.

 

Issue Highlights

Issue Size (Fresh+OFS)	Rs 496.24 crore (Fresh Issue Rs.50 crore and OFS Rs.446.25 Crore)
Price Band	Rs. 423 - Rs. 425
Allocation Category wise	QIB: 50% HNI: 15% and RII 35%
Issue Period	July 13, 2020 to July 15, 2020
BRLMs	Axis Capital Limited & ICICI Securities Ltd.
Advisor	Axcelus Finserv Private Limited
Promoters	Mr. Edward Menezes-Executive Chairman and Mr. Sunil Chari - Managing Director of Rossari Biotech Limited

The Company proposed to raise ₹ 496.24 Cr via the fresh issue of ₹ 50 Cr and OFS of ₹ 446.25 Cr. The net proceeds from the fresh issue to prepay or repay certain indebtedness, including accrued interest, fund working capital requirements and for general corporate purposes. 

A total of 8 mutual funds through 20 schemes bid for the anchor portion. 

Institutional investors that participated in the anchor allotment included Abu Dhabi Investment Authority, Axis Mutual Fund, Mirae Asset Mutual Fund, Goldman Sachs, HFDC Mutual Fund, SBI Mutual Fund, among others.