India’s Emcure Pharmaceuticals has filed draft papers with the market regulator for an initial public offering, which a source with direct knowledge of the matter said could be worth up to 50 billion rupees ($671.89 million).
Emcure is the latest Indian company to tap capital markets this year in a fund-raising frenzy driven by abundant liquidity and record-high stock markets.
After food-delivery firm Zomato’s stellar market debut last month, Yum Brands’ largest Indian franchisee Devyani International saw strong demand for its initial share sale.
The source requested anonymity as he was not authorised to speak to media.
By Aditi Shah
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