A year after announcing plans to explore fund raising options for its pharmaceutical subsidiary Jubilant Pharma via an international listing, Noida, UP headquartered integrated pharmaceutical & life sciences company Jubilant Life Sciences has formally kickstarted the IPO process for the arm and mandated investment bankers for the same, two sources familiar with ongoing discussions told ET NOW on the condition of anonymity.
“UBS, Bank of America Merrill Lynch and JP Morgan have recently been selected as lead IPO advisors, the process has begun and the company plans to list on the Singapore stock exchange,” said one of the two sources cited above. ET NOW was the first to report the story.
“They are looking at raising between $500 mn to $700 mn via the IPO, though talks are at an early stage and nothing has been finalised yet. The planned listing timeline is towards the end of 2018. The performance of the company is good, management is in place and they will get better valuations in the Singapore market”, added the second source.
When contacted for an official response, Jubilant Life Sciences said it does not have “any further details to share in this matter” other than the earlier disclosure made by the company on 23rd May, 2017 which said “Jubilant Pharma Limited, Singapore, in its board meeting has resolved that it will evaluate the option of fund raising through an IPO by listing in an international stock exchange, including Singapore, in the current financial year, in order to strengthen the balance sheet of JPL with a dilution of not more than 15 per cent of equity.” BofAML and JP Morgan declined to comment and ET NOW is awaiting for a response from UBS.
According to the company website, Jubilant Pharma provides solutions to global pharmaceutical customers, offering a wide range of products & services. Jubilant Pharma, is engaged in manufacturing and supply of APIs, Solid Dosage Formulations, Radiopharmaceuticals, Allergy Therapy Products and Contract Manufacturing of Sterile and non-sterile products through six USFDA approved manufacturing facilities in India, USA and Canada.
Headquartered in Singapore, it has a team of around 4,300 people across the globe and has extended its reach globally with ground presence in India, North America and Europe.