Macleods Pharmaceuticals picks banks for $1-billion offering

Indian drugmaker Macleods Pharmaceuticals Ltd. has selected banks including Edelweiss Financial Services Ltd. and Ltd. to manage its Mumbai initial public offering, according to people familiar with the matter.

The 35-year-old company has also picked JPMorgan Chase & Co. for the listing, the people said. More bankers could be added later, they said, asking not to be named as the information is private. Macleods could raise about $1 billion from the listing, one of the people said.

The Mumbai-based company is planning to file its initial draft prospectus by January and is targeting a listing as soon as next year, the people said.

Macleods’ offering will mostly consist of secondary shares, the people said. It may decide to also sell a small number of primary shares, one of the people said.

Deliberations are ongoing and details of Macleods’ share sale including size and timeline could change, the people said.

Representatives for Edelweiss, ICICI Securities, JPMorgan and Macleods declined to comment.

Macleods specializes in developing and manufacturing active pharmaceutical ingredients and finished-dosage pharmaceutical formulations, according to its website. It manufactures nearly 25 billion units of finished dosages per year.

–With assistance from P R Sanjai.

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