Bafna Pharmaceuticals Limited (Bafna), is entering the capital market with its initial public offer of 64,00,000 equity shares of Rs 10 each for cash at a premium of Rs 30 per share.

The fixed priced issue will open on May 27, 2008 and close on May 30, 2008. The issue to the public would constitute 40.05 % of the post issue paid-up capital of the Company.

Chennai based Bafna is engaged in the manufacturing of Betalactum and Non-Betalactum pharmaceutical formulations in tablets, capsules and liquid forms.

The company manufactures 126 formulations under various therapeutic segments such as anti-infective, cholesterol lowering agents, analgesic and antipyretic, antihelmintics, appetite stimulants, cough and cold preparations, antiulcerants anti diabetic and vitamins etc.

The proceeds of the issue would be utilized towards brand building exercise in domestic market. Further, it intends to register the Company products and create brand value in international markets.

The equity shares of the Company would be listed on Bombay Stock Exchange. The proposed issue is lead managed by Keynote Corporate Services Limited and Co-lead managed by Ashika Capital Limited.