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Innova Captab has filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore and an offer for sale (OFS) of 96 lakh equity shares by promoters and other shareholders.

Of the Rs, 400 crores proposed to be raised through fresh issuance of equity shares, Rs 180.5 crore will be used for payment of a debt, Rs 29.5 crore will be utilized for payment of loans availed by its subsidiary, UML, and Rs 90 crore for funding working capital requirements. ICICI Securities and JM Financial have been appointed as merchant bankers to manage the company's IPO.

Innova Capital is an integrated pharmaceutical company in India with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution, marketing, and exports.