Virupaksha Organics Limited, a research and development (R&D) driven Indian pharmaceutical company engaged in the manufacture of active pharmaceutical ingredients (APIs) and intermediates, has filed its draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise Rs. 740 crore through an initial public offering (IPO).

According to the DRHP, the proposed IPO of the Hyderabad-based company is entirely a fresh issue of equity shares.

Virupaksha proposes to utilize the net proceeds of the fresh issue, with Rs. 360 crore allocated towards funding capital expenditure requirement for capacity expansion at Unit 1, Unit 2, Unit 4 and Unit 5; Rs. 195 crore earmarked for prepayment of all or a portion of certain outstanding borrowings, and the balance towards general corporate p

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