Veeda Clinical Research Plan for IPO, Refiled DRHP with SEBI

Veeda Clinical Research IPO date is not announced yet. Veeda Clinical Research is a book built issue and have plan to raise around ₹[.] crores via IPO that comprises fresh issue of ₹185 crore and offer for sale up to 13,008,128 Equity Shares with face value of ₹2 each. The retail quota is 10%, QIB is 75%, and HNI is 15% as per DRHP. The IPO to list on NSE and BSE.
Veeda Clinical Research IPO

Veeda Clinical Research has re-submitted its DRHP (Draft Red Herring Prospectus) with capital market regulator SEBI to raise funds through IPO (Initial Public Offering).

This IPO comprises a mixture of fresh issues of ₹185 crores and an Offer-for-Sale of up to 13 million equity shares with a face value of Rs.2 each. 


Following are the shareholders of the company who will sell their shares in the company: 

  • Up to 3,493,895 equity shares will be sold by Basil Private Limited.
  • 7,359,620 equity shares by Bondway Investments Inc.
  • 810,000 equity shares will be sold by Dr. S N Vinaya Babu
  • 690,210 equity shares will be sold by Sabre Partners AIF Trust, 
  • 198,795 equity shares will be sold  by CX Alternative Investment Fund
  • 210,570 equity shares will be sold by Anushka Singh
  • 81,694 equity shares will be sold by Vikrampati Singhania, 
  • 40,847 equity shares will be sold by Harsh Pati Singhania, 
  • 40,487 equity shares will be sold by Anshuman Singhania, 
  • And up to 34,000 equity shares by Siddharth Ramesh Kejriwal.

Veeda Clinical Research may plan to raise ₹37 crore through pre-IPO placement, and if they successfully raise the planned amount through pre-IPO placement, the fresh issue size will be reduced by ₹37 crore. 

Following are the objectives behind raising funds through IPO and when they are going to utilize the proceeds.

  • The ₹50 crore will be used to buy new equipment and machinery for the growth of the company.
  • The amount of ₹35 crore will be utilized to buy the equipment and machinery for Bioneeds India Private Limited, a company’s material subsidiary. 
  • For the repayment or pre-payment of certain loans of Bioneeds India Private Limited, ₹10.89 crore will be allocated.
  • The company will utilize the funds of ₹33 crore towards the growth of the company by supporting both of its subsidiaries, Bioneeds India Private Limited, as well as Health Data Specialists (Holdings) Ltd. The company is planning to use the funds for marketing and promotional activities, technologies upgrade, and digital solutions to improve efficiency and quality assurance in operational processes and data management.
  • At last, the remaining funds will be used towards the general corporate purposes of the company. 

On September 27, 2021, Veeda Clinical Research filed its DRHP intending to launch an IPO. 

Founded in 2004, Veeda Clinical Research is a full-service contract research organization (CRO) that provides a wide range of services for drug development value chains based in Ahmedabad, Gujarat. 

In 2015, they successfully expanded their capabilities from a largely HVS and generica-focused CRO with the help of their strategic mind, they have grown significantly in the organic and inorganic growth initiatives over the years. As of the six months of September 30, 2024, the company generated a revenue of ₹3,052.99 million from operations, respectively. 

The book-running lead managers of this IPO are Axis Capital Limited, CLSA India Private Limited, IIFL Capital Services Limited, and SBI Capital Markets Limited. Whereas, the registrar of the issue is MUFG Intime India Private Limited. This IPO will be listed on both stock exchanges NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).

Veeda Clinical Research IPO Prospectus:

DRHP Draft Prospectus:Click Here
RHP Draft Prospectus:To be Updated Soon

Veeda Clinical Research Company Financial Report

Amount ₹ in Crores

Period EndedRevenueExpenseProfit After Tax
2022₹293.11₹261.64₹50.46
2023₹420.21₹358.06₹42.42
2024₹407.99₹404.73₹0.36
September 2024₹315.87₹341.52₹24.93

Veeda Clinical Research IPO Valuation – FY2024

Veeda Clinical Research IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

Earning Per Share (EPS):₹(0.04) (Basic)
Price/Earning P/E Ratio:N/A
Return on Net Worth (RoNW):(0.02)%
Net Asset Value (NAV):₹189.04

Peer Group Comparison

CompanyEPSPE RatioRoNW %NAVIncome
Sai Life Sciences Limited4.57144.878.4953.831,465.18 Cr.
Syngene International Limited12.7158.8723.99231.293,488.60 Cr.
Vimta Labs Limited18.5146.8612.83144.20318.26 Cr.
Jeevan Scientific Technology Limited(0.86)(52.67)2.743.133.97 Cr.

Objects of the Issue

  • Capital expenditure towards procurement of equipment and machinery for our Company;
  • Investment in our Material Subsidiary, Bioneeds India Private Limited for capital expenditure towards procurement of equipment and machinery;
  • Investment in our Material Subsidiary, Bioneeds India Private Limited for repayment/pre-payment, in part or full of certain borrowings of our Subsidiary, Bioneeds India Private Limited;
  • Funding organic growth of our Company, our Material Subsidiary, Bioneeds India Private Limited and Health Data Specialists (Holdings) Limited through marketing and promotional activities, updation of technology and adoption of modern digital solutions in our workflows to enhance the efficiency and quality assurance of our operating processes and data management; and
  • General corporate purposes.

IPO Lead Managers aka Merchant Bankers

  • Axis Capital Limited
  • CLSA India Private Limited
  • IIFL Capital Services Limited
  • SBI Capital Markets Limited
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