About Veeda Clinical Research IPO
The Veeda Clinical Research IPO is a book-built issue, which consists of a fresh issue of up to ₹185 crore and an offer for sale (OFS) of up to 13,008,128 equity shares. The DRHP was filed by the company on January 31, 2025, and received approval by July 3, 2025. The shares are expected to be listed on the BSE and NSE platforms.
While the specific price band and the official open and close dates will be announced by the company later, this issue is managed by experienced lead managers, including Axis Capital Ltd., CLSA India Private Ltd., IIFL Capital Services Ltd., and SBI Capital Markets Ltd., with Link Intime India Private Ltd. serving as the registrar to the issue.
Company Background
Veeda Clinical Research Ltd. was originally incorporated on April 23, 2004, under the name Clinsearch Labs Private Ltd. Over the years, the company evolved through strategic name changes, first becoming Veeda Clinical Research Private Ltd. in 2005 and finally transitioning to a public Ltd. company in June 2021. The headquarters of the company is in Ahmedabad, Gujarat. The company has grown from its initial roots into a global contract research organization (CRO) with a significant presence in the Indian pharmaceutical research landscape.
Operations & Product Range
The operations of Veeda Clinical Research Ltd. are a full-service CRO with expertise in the field of clinical development and the provision of a full range of clinical research solutions. Its main areas of service are the conduct of phase I to phase IV studies. In addition, the company also provides specialized studies in the areas of bioavailability/bioequivalence studies and analysis of pharmacokinetics. Its target clients are global pharmaceutical and biotechnology firms, which require cost-effective expert research and development solutions.
Facilities & Capacity
Veeda Clinical Research Ltd. has well-equipped research facilities located in India, which act as the backbone for its operations. Their facilities are capable of providing solutions for the various stages involved in the drug development pipeline, ranging from phlebotomy services and biosampling to data management and report writing. Although specific expansion plans are part of its outlook, currently, the company is able to utilize its facilities in Ahmedabad for the global market.
Brands & Market Presence
Veeda Clinical Research Ltd.'s core brand name is "Veeda Lifesciences," and it has built a reputation for quality through Good Clinical Practice (GCP) and Good Laboratory Practices (GLP). With the scope of the market being both national and international, the company has established a position for itself as a "one-roof solution provider for global drug development." This, in turn, has been supplemented by the provision of services for manufacturers in obtaining regulatory approvals on a global scale, i.e., ANDA and NDA.
Revenue Streams & Business Model
Veeda Clinical Research Ltd. is engaged in a service-oriented business model, mainly operative in conducting clinical research projects for pharmaceutical entities, which generates revenue. It has diversified revenue streams with contributions from domestic operations and substantial contributions from "other regions" or exports. As of March 31, 2024, the group had approximately ₹129.61 crore outstanding as total trade receivables, sourced from contributions of international markets forming a substantial part of its overall business.
Management & Shareholding
The promoter of Veeda Clinical Research Ltd. is Basil Private Ltd. Pre-issue, the company's share capital was 65,777,495 equity shares. Post-offer, the shareholding will undergo a change due to the fresh issue and the promoter sale and other selling shareholders like Bondway Investments Inc. and Dr. S N Vinaya Babu. Pre-public issue, the promoter group holds the lion's share in the company.
Board & Key Management
The key management of Veeda Clinical Research Ltd. includes Nitin Jagannath Deshmukh (Chairman and Independent Director). The executive management team is supported by Mr. Nirmal Atmaram Bhatia, who holds the positions of Group CFO, CS & CO. The board is composed of individuals with professional experience in finance, regulatory compliance, and the pharmaceutical industry, ensuring a balanced governance structure.
Veeda Clinical Research IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 2 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | 100 % Book Building Offer |
| Total Issue Size | Up to ₹ 185.00 Cr + 13,008,128 Equity Shares |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Up to ₹ 185.00 Cr (aggregating up to ₹ 1,850.00 million) |
| Offer for Sale | Up to 1,30,08,128 Equity Shares |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 100 % (held by Promoter and others) |
| Share Holding Post Issue | - |
Veeda Clinical Research IPO Financial Information
Latest Revenue
315.87
₹ Crore
Profit After Tax
-24.93
₹ Crore
Net Worth
1,192.51
₹ Crore
Total Borrowing
405.49
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2024 | 1,891.86 | 315.87 | -24.93 | 1,192.51 | 1,048.91 | 405.49 | |||
| 31 Mar 2024 | 2,040.21 | 407.99 | -0.36 | 1,190.96 | 1,047.37 | 261.69 | |||
| 31 Mar 2023 | 734.77 | 420.21 | 42.42 | 564.90 | 446.58 | 48.57 | |||
| 31 Mar 2022 | 677.54 | 293.11 | 293.11 | 503.21 | 419.58 | 47.20 | |||
| Amount in ₹ Crore | |||||||||
Veeda Clinical Research Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | - |
| ROCE | - |
| Debt/Equity | 0.32 |
| RoNW | -0.02% |
| PAT Margin | - |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -3.96 (basic/diluted) | - |
| P/E (x) | - | - |
IPO Objectives
Veeda Clinical Research Ltd. intends to utilize the proceeds from the fresh issue for several strategic purposes:
- • Repayment (advances or due) of certain borrowings availed by the company and its subsidiaries.
- • Funding the capital expenditure for the expansion of existing facilities.
- • General corporate purposes.
Conclusion
As the Veeda Clinical Research IPO moves toward its listing, the company remains focused on its core strength as a comprehensive CRO partner for the global life sciences industry. By integrating specialized clinical research services with a strong regulatory track record, Veeda Clinical Research Ltd. aims to capitalize on the growing demand for outsourced pharmaceutical R&D. While market conditions will determine the final pricing, the business’s established infrastructure and diverse revenue base provide a foundation for its next phase of growth as a publicly traded entity.
Frequently Asked Questions
Recommended Advisory Services
Ready to take your company public? Explore our specialized IPO advisory services tailored for Indian enterprises.
The India IPO Publication is managed by an editorial team that includes highly experienced finance journalists, market researchers and professionals from the capital markets industry who strive to create high-quality content based on credible sources. Our editors write about IPOs, capital markets, corporate news, capital-raising strategies, regulations and other business matters to ensure our audience stays updated with the latest information. We conduct detailed research and fact-check all information before publishing any content to ensure credibility.
Competitive Strengths
Offers a full range of services from Phase I to Phase IV clinical trials and bioanalytical studies under one roof.
Proven expertise in conducting research in compliance with international GCP and GLP standards.
Led by a board and senior management with extensive experience in the clinical research and financial sectors.
Maintains state-of-the-art facilities in India capable of supporting global pharmaceutical and biotech clients.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 03/07/2026 | - |
| 2 | Filed with SEBI/Exchange | 07/02/2025 | View DRHP |
Veeda Clinical Research IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹200,000 |
| S-HNI (Min) | 14-15 | — | Over ₹200,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |