ChrysCapital-backed Intas Pharmaceuticals could scrap IPO amid market volatility


drug pharma bottleChrysCapital-backed Indian drug maker Intas Pharmaceuticals is reportedly considering scrapping its public listing amid decade-low IPO valuations in the country due to the fallout from political gridlock.

The buyout firm had approached Goldman Sachs and Temasek about selling a 10.2 per cent stake in case the IPO falls through according to Bloomberg, which cited a person with knowledge of the matter.

They said ChrysCapital was targeting $150m for the holding.

ChrysCapital invested $57m in growing drugmaker Intas Pharmaceuticals in April last year.

The firm increased its 11.3 per cent holding in the business as part of the deal, which Intas said represented its last funding before it launched an IPO of the company.

Intas said it would use the financing to pay down some of its debt and aid its expansion across the country.

ChrysCapital  closed its sixth investment fund on $510m in May last year.

The total is less than half the $1.25bn it managed to raise for its fifth fund in 2007.

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