Veeda Clinical Research Files for IPO Again with Fresh Plans

Veeda Clinical Research has submitted new IPO papers to Sebi, aiming to raise funds via a fresh share sale. The Gujarat-based firm plans an IPO combining Rs 185 crore in new shares and a promoter's offer-for-sale. Proceeds will upgrade equipment, reduce debt, and boost organic growth.

Veeda Clinical Research has once again approached the markets regulator, Sebi, filing preliminary documents to initiate an initial public offering (IPO). This Gujarat-based company is seeking to raise funds through a combination of a new share issuance and an offer-for-sale by existing promoters.

The IPO is structured to include a fresh issue of shares worth Rs 185 crore and an OFS involving 1.3 crore equity shares from promoter Basil Private Limited, alongside other shareholders such as Bondway Investments Inc and Sabre Partners AIF Trust. This move follows a previous attempt in 2021, which was approved but ultimately not pursued.

The proceeds from this round will be directed towards various operational improvements, including equipment procurement and debt reduction. Veeda continues to provide a wide range of services in drug development and maintains a strong global presence, with facilities both in India and abroad.

(With inputs from agencies.)