Hyderabad: Contract research, development and manufacturing organisation Aragen Life Sciences, formerly known as GVK Biosciences, has filed a draft red herring prospectus (DRHP) with the capital markets regulator, Securities and Exchange Board of India (Sebi), for its initial public offering (IPO).The proposed IPO comprises a fresh issue of around ₹800 crore and an offer for sale of up to 27,329,192 equity shares of face value ₹10 by the existing shareholders.According to the filing, the GVK Group company plans to utilise the proceeds from the fresh issue for repayment or prepayment of borrowings, buying equipment and machinery for the company’s Hyderabad facilities, capital expenditure at material subsidiary Aragen Biologics’ Bengaluru facility, and general corporate purposes to support expansion.
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