Cipla Quality Chemical Industries plans to enter IPO market

Drug-maker Cipla on Friday announced that it's subsidiary Cipla Quality Chemical Industries (CiplaQCIL) has evaluated an initial public offering (IPO) as a part of growth strategy.

Cipla said," Certain shareholders may consider selling down part or all of their stake to enable sufficient free float and liquidity.The Cipla group intends to continue holding the majority of stake and control in the subsidiary."

For this IPO, Kenya-based Renaissance Capital Limited has been appointed as the official book runner.

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The transation would be subject to approval of the relevant market regulators.

This fiscal year the IPO market is on the booming level, so far 19 companies have entered the stock exchanges via this portal.

Shares of Cipla on BSE, was trading at Rs at Rs 558.70 down by Rs 5.55 or 0.98%.