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Review By MLR Securities Private Ltd on August 18, 2011
Issue Period: 16th Aug - 18th Aug
Price Range: INR 90-100
Issue Size: INR 63 Cr
Mcap: INR 152-168 Cr
IPO Grading: ICRA IPO Grade 2
BRLM: D&A Financial Services
Promoter: Atul Ranchal & Rajesh Mahajan
Listing: BSE & NSE
Brooks Laboratories provides contract manufacturing services from its WHO-GMP certified unit at Baddi, Himachal Pradesh. The company's product range includes dry powder injectables, ampoules and liquid vials, dry syrups and tablets catering largely to the antibiotic and anti‐tuberculosis (anti‐TB) therapeutic segments. It caters principally to domestic pharmaceutical companies such as Aristo Pharmaceuticals Private Limited, Hetero Healthcare Limited, Zydus Cadila, Sanat Products Limited and Wockhardt Limited. The company's product portfolio presently comprises of 26 Dry Powder Injections, 31 Liquid Injections, 5 Tablets and 2 Dry Syrups which are marketed domestically. It has annual capacity of 3 crore injections, 12 crore tablets and 1.2 crore dry syrups. Brooks is promoted by Mr Atul Ranchal and Rajesh Mahajan. Both the promoters have prior experience in the pharmaceutical
industry and are actively involved in the daily operations of the company.
Brooks labs is asking for 21-24 times FY11 EPS which is quite expensive compared to other pharma companies which are ruling at an average valuations of 11
times. We recommend investors Avoid this issue.
Considering its small issue size speculative interest on listing cannot be ruled out.
Review By MLR Securities Private Ltd on August 18, 2011
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