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Dishman Pharma price band at Rs 155-175

Our Bureau

Ahmedabad , March 24

DISHMAN Pharmaceuticals and Chemicals Ltd (DPCL) has kept its price band of Rs 155-175 per equity share for its forthcoming IPO.

The issue that opens on March 29 and closes on April 7 is looking to raise Rs 53 crore-60 crore.

The Ahmedabad-based Dishman is a specialised chemicals manufacturer of quats (ammonium and phosphonium quaternary compounds). It has also gone in for contract manufacturing and APIs/ intermediates for overseas clients, including some of the big names such as DuPont, Dow Chemicals, Mobil and Solvay.

DPCL posted sales of Rs 114.4 crore for the last fiscal and a net profit of Rs 14.3 crore. Against this, the DPCL sales during the first half of the current fiscal were Rs 52.1 crore.

However, company officials said that the first six months constituted only 40 per cent of sales in a typical year.

"The company has identified a number of molecules that go off the patent regime over the next five years for generic development.

Also, contract manufacturing and contract research are emerging as big volume business for specialised companies such as ours.

The US and European markets are growing at such a pace that we are struggling to keep the Indian share of 18 per cent in tact.

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