Alkem Labs receives Sebi nod for IPO

The company is expected to utilize the fund raised for expanding footprints in global markets.

The Securities and Exchange Board of India (Sebi) has given a go-ahead to Alkem Laboratories to raise an estimated Rs, 1,500 - 3,500 cr through an initial public offering (IPO).

They filed the draft red herring prospectus (DRHP) with Sebi on August 6 for a public issue of its equity shares. The company will come out with a public offer of up to 12,853,442 equity shares.

The company is expected to utilize the fund raised for expanding footprints in global markets. The issue is being managed by Nomura Financial Advisory and Securities (India), Axis Capital, J P Morgan India and Edelweiss Financial Services.