Somaiya college, University in Mumbai, India

Ahmedabad (Gujarat) [India], March 28: Ahmedabad based Sotac Pharmaceuticals Ltd. specializes in the production of high-quality pharmaceutical products on a loan license or contract manufacturing basis. The company has announced its IPO for 30,00,000 shares, where the price band per equity share will be Rs 105 to Rs 111, with each equity share bearing a face value of Rs 10. The shares will be sold in lot size of 1200 shares. Out of the 30,00,000 shares, 14,23,200 shares will be reserved for the QIB quota (including Anchor Reservation), 4,28,400 shares will be reserved for HNI quota, 9,98,400 shares will be reserved for the retail quota and 1,50,000 shares will be reserved under the market maker quota. The issue opens on the 28th March for the Anchor and on the 29th March for the public. The issue closes on the 3rd April, 2023. It will subsequently be listed on the NSE Emerge platform. Beeline Capital Advisors Pvt. Ltd. is the lead manager to the issue and KFin Technologies Ltd. is the registrar to the issue.The issue proceeds will be utilised for the following:To meet working capital requirementsInvestment in subsidiaryUpgradation/Construction of existing/new building in the existing premisesGeneral corporate purposeIssue expensesSotac Pharmaceuticals has a diverse product portfolio that includes a wide range of pharmaceuticals, nutraceuticals, and food products. Their state-of-the-art manufacturing facility enables them to produce high-quality products, including tablets, capsules, oral liquids, dry syrups, and external preparations such as ointments, lotions, and creams. The manufacturing unit I is located in Sanand GIDC-Il, Ahmedabad district. The facility features a comprehensive production unit, quality control department, microbiological laboratory, and storage for raw materials and finished products has been approved by the World Health Organization’s Good Manufacturing Practices (WHO GMP) standards. The manufacturing unit II is also located in Sanand GIDC-Il, Ahmedabad district for Beta Lactam products has been approved by the World Health Organization’s Good Manufacturing Practices (WHO GMP) standards. The manufacturing plant operates at the highest safety and environmental standards, ensuring the necessary isolation and differentiation of processes and sections to minimize the chances of cross-contamination. Its impressive client list includes Cadila Pharmaceuticals, Intas, Ronak Health Care, Sunrest Lifesciences, Lincoln Pharmaceuticals, Treatwell Pharma and many more. The company’s products have a pan India and global presence.The Company has recently completed capacity expansion and has an upcoming facility in its subsidiary, Sotac Lifesciences Private Limited, providing significant room for growth. Utilization of existing unutilized capacities is expected to improve return ratios. The company has well equipped R&D capabilities, in wholly owned subsidiary Sotac Research Private Limited. The company’s progress is backed by its experienced promoters of diverse backgrounds with a combined experience of over 59 years in various industries. Their leadership, guidance and strategic oversight play a pivotal role in driving the company’s success and growth.Sotac Pharmaceuticals has recorded impressive financial growth over the years. Its consolidated revenue from operations for 6MFY23 was Rs 39.75 crores, while it was Rs 73.15 crores for FY22 and Rs 48.84 crores for FY21. Its consolidated EBITDA for 6MFY23 was Rs 3.68 crores, while it was Rs 6.14 crores for FY22 and Rs 1.46 crores for FY21. The company registered a consolidated PAT of Rs 0.47 crores for 6MFY23, which was Rs 2.88 crores for FY22.The promoters of the company are Mr Sharadkumar Dashrathbhai Patel, Mr Dineshkumar Babulal Gelot, Mr Vishalkumar Devrajbhai Patel, Mr Chetankumar Bachubhai Patel and Mrs Kiran Baldevbhai Jotania.If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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