On Monday, June 5, Valiant Laboratories, a subsidiary of Valiant Organics, filed Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for approval of an Initial Public Offer (IPO) for a fresh issue of 1,15,56,000 equity shares.
Valiant Laboratories is an Active Pharmaceutical Ingredient (API) or Bulk Drug manufacturing company focused on manufacturing Paracetamol (Scientific name: Acetaminophen or para-hydroxy acetanilide – C8H9NO2) and manufactures Paracetamol in various grades such as IP/BP/EP/USP as per the pharmacopeia requirements of its clients.
According to the DRHP filed with the capital market regulator of India, Valiant Laboratories’ IPO is a fresh issue and the price band will be decided based on the proposed listing of equity shares and issue valuation.
Valiant Laboratories posted a total revenue of Rs 3,339.10 million in FY23 as against Rs 2,915.23 million in the previous FY22. The company recorded a revenue of only Rs 823.79 million from the beginning of April 2021 till 15 August 2021 but saw a huge jump from 16 August 2021 to the end of March 2022 which was Rs 2,091.44 million.
Valiant Advanced Sciences Private Limited, a wholly owned subsidiary of Valiant Laboratories, was incorporated on 08 July 2022, due to which the company’s revenue saw a jump in the last quarter of the financial year.
The company reported a net profit after tax of Rs 289.98 million in FY23 as against Rs 274.96 million in the previous FY22. The same Valiant Laboratories recorded a total profit after tax of Rs 305.93 million in FY21.
Valiant Laboratories has total Current Liabilities of Rs 507.26 million for the financial year ending March 31, 2023, as per the company’s Annual Report.