Nureca gets SEBI's approval for Rs 100 crore IPO

Nureca Ltd, which owns the Dr Trust brand, has received capital markets watchdog Sebi's go ahead to raise Rs 100 crore through an initial public offering.

The IPO comprises issuance of equity shares worth Rs 100 crore, a draft red herring prospectus filed with Securities and Exchange Board of India (Sebi) showed.

The company, which had filed its preliminary papers with Sebi in November, obtained its observations on January 11, an update with the capital markets regulator showed on Monday.

Sebi's observations are necessary for any company to launch public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue.

As per the draft papers, proceeds of the issue will be used for funding incremental working capital requirements of the company and general corporate purposes.

Further, through listing, the company expects to enhance its visibility and brand image among existing and potential customers and creation of a public market for equity shares in India.

ITI Capital is the sole book running lead manager to the issue. The equity shares will be listed on BSE and NSE.

Nureca is engaged in the business of home healthcare and wellness products and enables customers with tools to help them monitor chronic ailments and other diseases.

The company sells its products through online channel partners such as e-commerce players, distributors and retailers. It also sells products through its own website.

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