Veeda Clinical Research, a clinical trial services provider, refiled its draft prospectus with SEBI for an IPO to raise ₹185 crore, aiming for growth and expansion.
Veeda Clinical Research, a prominent clinical research services provider, has refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an upcoming initial public offering (IPO) to raise ₹185 crore. Founded in 2004, Veeda is headquartered in Ahmedabad, Gujarat, and offers a wide range of clinical trial services, including both early and late-phase clinical trials, Healthy Volunteer Studies (HVS), pre-clinical trials, and biopharma services globally.
The company has demonstrated consistent revenue growth, achieving a compound annual growth rate (CAGR) of 16.18% between FY 2022 and FY 2024. It has gained recognition in major global markets, including North America, Europe, and Asia (including India). Veeda boasts a strong reputation for regulatory compliance, having successfully undergone 119 global regulatory inspections for its HVS and pre-clinical services.
The upcoming IPO consists of a fresh issue of shares totaling ₹185 crore, along with an offer for sale (OFS) involving up to 13 million equity shares from promoters and other selling shareholders. Notable sellers in the OFS include Basil Private Limited, Bondway Investments Inc., Dr. S N Vinaya Babu, and several other stakeholders.
The funds raised from the IPO will be allocated for capital expenditures related to acquiring equipment and machinery, as well as supporting the growth of Veeda’s material subsidiary, Bioneeds India Private Limited. A portion of the funds will also be directed towards technology upgrades and marketing initiatives to drive organic growth.
Axis Capital Ltd, CLSA India Private Ltd, IIFL Capital Services Ltd, and SBI Capital Markets Ltd are the book-running lead managers for the issue, while MUFG Intime India Private Ltd serves as the registrar.
This IPO marks a significant step in Veeda’s expansion and development, as it seeks to strengthen its position in the clinical research sector both in India and internationally.
