Dr Reddy's measures for success

India''s Dr Reddy''s Laboratories has launched roadshows for a debut ADR that will mark the first US listing attempt by an Asian pharmaceutical company.

By Jackie Horne

March 29, 2001

Investor presentations for an 11.5 million unit issue began in Asia yesterday Thursday, with final pricing provisionally scheduled for April 11 after the completion of roadshows in Europe and the US next week. With Merrill Lynch as lead manager, the company is hoping to raise about $158 million based on today's close share price of Rp1,285 $27.59. Each ADR unit equals two shares and the overall offering will comprise about 18% of the company's share capital. With ABN Amro and CLSA as co-managers, there is also a 15% greenshoe.

India's fourth largest pharmaceuticals company by market capitalization, Dr Reddy's is hoping to become the country's first this year to venture into the...

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