Emcure Pharmaceuticals, which had shelved its initial public offering (IPO) plan in 2022 in the wake of the global financial uncertainties caused by the Russian invasion, aims to hit the bourses by next year.
According to a Reuters report, the pharma company, which is backed by equity firm Bain Capital, plans to raise $400-$500 million from the IPO and has roped in investment banks JP Morgan, Jefferies and Kotak for the IPO.
The company plans to file IPO papers by the end of the year. Emcure is reportedly targetting a valuation of $3 billion.
Emcure, which claims to be India's 13th biggest drugmaker and is present in more than 70 countries, intends to capitalise on India's growing pharmaceuticals market which is expected to touch $130 billion in 2030 from the current $50 billion.