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Valiant Laboratories has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO is an entirely fresh issuance of 1.15 crore equity shares with no offer-for-sale (OFS) component.

Proceeds of the issue will be utilised to set-up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary -- Valiant Advanced Sciences (VASPL) and to meet working capital requirements of the subsidiary company. Unistone Capital is the sole book running lead manager to the issue.

Valiant Laboratories is an Active Pharmaceutical Ingredient (API) or bulk drug manufacturing company with its focus on manufacturing Paracetamol, which is used in the treatment of headache, muscle ache, arthritis, back ache, toothache, cold and fever.