Table of content
- Veeda Clinical Research IPO Dates & Launch Details
- Veeda Clinical Research Price Band & Investment Details
- Veeda Clinical Research IPO Structure
- About Veeda Clinical Research
- Veeda Clinical Research Financials
- Sector & Market Context
- Key Considerations for Investors
- IPO Structure
- About the Company
- Veeda Clinical Final Review
Veeda Clinical Research IPO: Issue Date, Lot, Price, Everything You Need to Know
Veeda Clinical Research, a leading Indian contract research organisation (CRO), is preparing for its stock market debut after refiling its Draft Red Herring Prospectus (DRHP) with SEBI in early 2025. A CRO firm conducts outsourced research like clinical trials for pharma, biotech, and medical device companies on behalf of a sponsor.
Founded in 2004 and headquartered in Ahmedabad, the company provides end-to-end clinical research services across bioavailability/bioequivalence (BA/BE), clinical pharmacology, early- and late-phase trials, bioanalytics, and specialty services to global pharma and biotech clients. Veeda operates through its main CRO platform and key subsidiaries such as Bioneeds India, strengthening its capabilities across pre-clinical and clinical segments in India’s fast-growing outsourcing market.
The Veeda Clinical IPO comprises a fresh issue of equity shares aggregating up to ₹185 crore and an offer for sale (OFS) of up to 1.3 crore (13 million) equity shares by existing shareholders, all of face value ₹2 each. Proceeds from the fresh issue are proposed to be used for capital expenditure on equipment and machinery at Veeda and Bioneeds, and for repayment/pre-payment of certain borrowings at the subsidiary level, supporting capacity expansion and balance sheet strengthening. The shares are proposed to be listed on both NSE and BSE, with Axis Capital, CLSA India, IIFL Capital Services and SBI Capital Markets as book-running lead managers, and MUFG Intime India Private Limited as registrar.
This article explains the Veeda Clinical IPO in simple terms, covering the Veeda Clinical IPO date (once announced), valuation context, business model, financial performance, sector backdrop, and key points around Veeda Clinical IPO subscription, Veeda Clinical IPO subscription status, and Veeda Clinical allotment status for investors tracking this healthcare services listing.
Veeda Clinical Research IPO Dates & Launch Details
- IPO opening date: To be announced
- IPO closing date: To be announced (Typically three days after opening)
- Basis of allotment: To be announced (Within 3 working days post closure)
- Refund initiation: To be announced (Shortly after basis of allotment)
- Expected listing date: To be announced (Usually within a week following allotment finalisation)
Lead Book Running Managers: Axis Capital, CLSA India, IIFL Capital Services, SBI Capital Markets.
Registrar: MUFG Intime India Private Limited (Link Intime).
Veeda Clinical Research Price Band & Investment Details
Price band and valuation multiples will be confirmed closer to the launch date based on updated market conditions and regulatory approvals.
- Price band: To be announced (Face value: ₹2 per share)
- Minimum lot size: To be announced
- Minimum investment: To be announced
- Maximum retail investment: To be announced
Veeda Clinical Research IPO Structure
Detail | Information |
|---|---|
Issue Type | Book-built IPO (Fresh Issue + Offer for Sale) |
Total Issue Size | Fresh issue up to ₹185 crore + OFS up to 1.3 crore equity shares (face value ₹2) |
Fresh Issue Value | Up to ₹185 crore |
OFS Shares | Up to 1.3 crore equity shares by existing shareholders |
Reservations | QIB: up to 75%, NII: 15%, Retail: 10% |
Listing Exchanges | |
Registrar | MUFG Intime India Private Limited (Link Intime) |
Lead Manager | Axis Capital Limited, CLSA India Private Limited, IIFL Capital Services Limited, SBI Capital Markets Limited. (tentative) |
About Veeda Clinical Research
Veeda Clinical Research Limited is an independent, full-service CRO offering services across the drug development value chain, including non-clinical, pre-clinical, BA/BE, Phase I–IV clinical trials, bioanalytics and related regulatory support. It supports studies for novel chemical entities, generics, biosimilars, and medical devices, serving both Indian and global pharmaceutical and biotech companies.
Key Highlights:
- As of September 30, 2024, Veeda had completed 119 inspections by global and Indian regulators such as US FDA, UK MHRA, WHO, ANVISA, DCGI, EMA and NPRA, indicating strong compliance credentials.
- The company has a wide client base, with over 436 active clients as of September 2024, and hundreds of client engagements annually across FY22–FY24, reflecting diversified revenue streams.
- Veeda has been increasing its stake and strategic control in Bioneeds India Private Limited, expanding into pre-clinical services and strengthening its positioning across the CRO value chain.
- The business operates from India with global reach, riding on the cost advantage and scientific talent pool that make the country a major hub for outsourced clinical research.
- This integrated model and regulatory track record position Veeda as a key beneficiary of rising R&D outsourcing to specialised CROs
Veeda Clinical Research Financials
Revenue and Profit
Period | Revenue from Operations (₹ Crore) | Net Profit (₹ Crore) |
|---|---|---|
H1 FY ‘25 | 305.30 | -24.93 |
H1 FY ‘24 | 180.66 | 6.36 |
FY ‘24 | 388.78 | -0.36 |
FY ‘23 | 409.58 | 42.42 |
FY ‘22 | 288.03 | 50.46 |
Cash Flow
Period | Cash Flow from Operations (₹ Crore) | Free Cash Flow (₹ Crore) |
|---|---|---|
H1 FY ‘25 | 25.25 | 5.71 |
H1 FY ‘24 | 34.13 | 3.42 |
FY ‘24 | 58.89 | -24.26 |
FY ‘23 | 105.67 | 29.84 |
FY ‘22 | 35.91 | 7.80 |
Key Highlights:
- Revenue from operations grew strongly from ₹288.03 crore in FY22 to ₹409.58 crore in FY23 and stood at ₹388.78 crore in FY24, reflecting an expanded study pipeline and broader service mix. H1FY25 revenue of ₹305.30 crore already represents a sizeable portion of FY24 levels.
- Profitability has been volatile: Veeda reported healthy net profits of ₹50.46 crore in FY22 and ₹42.42 crore in FY23 (backed by margins above 27%), but slipped to a small loss of ₹0.36 crore in FY24 and a larger loss of ₹24.93 crore in H1FY25, partly due to higher costs, integration of subsidiaries and growth investments.
- Despite profit swings, operating cash flow remains positive and robust, rising from ₹35.91 crore in FY22 to ₹105.67 crore in FY23 and ₹58.89 crore in FY24, with H1FY25 at ₹25.25 crore. However, free cash flow turned negative in FY24 and H1FY25 because of significant capital expenditure on capacity and equipment, signalling a growth phase with heavy reinvestment.
Sector & Market Context
The global CRO market has been expanding as pharmaceutical, biotech and medical device companies increasingly outsource clinical and pre-clinical research to specialist providers to save costs and accelerate development timelines. India, with its skilled scientific workforce and cost advantages, has emerged as a key hub for BA/BE studies, early-phase trials and bioanalytics, giving domestic CROs a structural boost.
Within this ecosystem, Veeda’s capabilities across clinical and pre-clinical segments, along with multiple regulatory approvals, position it well to capture more complex and higher-value studies, though competition from global and domestic players remains intense.
Key Considerations for Investors
Strengths
- Established, full-service CRO platform with coverage from pre-clinical to late-stage trials and strong regulatory inspection track record.
- Diversified client base (400+ active clients) and increasing integration with subsidiaries like Bioneeds to broaden service offerings.
- Beneficiary of secular growth in global R&D outsourcing to CROs and India’s cost-efficient research ecosystem.
Risks
- Recent losses in FY24 and H1FY25 indicate earnings volatility and sensitivity to utilisation, pricing and cost structure.
- High dependence on a limited set of large clients and therapeutic areas can create concentration risk if contracts are not renewed.
- Regulatory, compliance and data integrity expectations are stringent; any adverse inspection outcome can affect reputation and business.
Opportunities
- Rising demand for early-phase, complex and specialty trials offers scope to move up the value chain and improve realisations.
- Capital raised via the IPO, including investments in Bioneeds and equipment, can support capacity addition and deeper integration of services.
- Potential to expand geographically and capture more global clients as sponsors diversify beyond traditional CRO markets.
IPO Structure
- The Veeda Clinical IPO combines a fresh issue of up to ₹185 crore with an OFS of up to 1.3 crore shares, balancing growth capital with partial exits for existing investors.
- Fresh proceeds are earmarked for capex at Veeda and Bioneeds and for reducing borrowings at the subsidiary level, which can improve leverage and support further scale-up of research infrastructure.
- All equity shares will be listed on NSE and BSE under a book-built process, with institutional, non-institutional and retail allocations as per SEBI regulations.
About the Company
Incorporated in 2004, Veeda Clinical Research Limited has evolved from a BA/BE-focused outfit into a full-service CRO with capabilities across multiple therapeutic areas and services. With operations anchored in India and a growing global client base, the company aims to support faster, more efficient drug development through high-quality, compliant clinical and pre-clinical research solutions.
Veeda Clinical Final Review
The Veeda Clinical Research IPO gives investors exposure to India’s expanding clinical research outsourcing space, where demand is underpinned by global R&D budgets and cost optimisation. At the same time, recent earnings volatility, ongoing capex and regulatory intensity mean investors should closely track updated financials, Veeda Clinical valuation at listing, and disclosures in the final RHP before making decisions.
Always consider personal investment objectives and consult trusted sources before making any decisions.
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FAQ
What is the size and structure of the Veeda Clinical IPO?
The Veeda Clinical IPO consists of a fresh issue of equity shares aggregating up to ₹185 crore and an offer for sale of up to 1.3 crore equity shares by existing shareholders, all of face value ₹2 per share.
Who are the key managers and registrar for the Veeda Clinical IPO?
The book-running lead managers are Axis Capital, CLSA India, IIFL Capital Services and SBI Capital Markets, while MUFG Intime India (Link Intime) acts as the registrar to the issue.
When is the Veeda Clinical IPO date and when will it list?
As of now, the Veeda Clinical IPO date has not been announced; once SEBI clears the updated documents and the company decides on timing, the issue period and listing date on NSE and BSE will be notified in exchange announcements and the RHP.
How will Veeda Clinical use the IPO proceeds?
Fresh issue proceeds are proposed to be used for capital expenditure on equipment and machinery at Veeda, investments into subsidiary Bioneeds India for similar capex, and repayment/pre-payment of some borrowings of Bioneeds, with any balance deployed for general corporate purposes.
What is Veeda Clinical’s business model?
Veeda operates as a CRO, earning revenues by conducting BA/BE studies, pre-clinical research, and clinical trials for pharma and biotech sponsors, primarily on a fee-for-service basis, sometimes with project-based contracts spanning multiple phases.
How has Veeda Clinical performed financially in recent years?
Veeda has grown revenue from around ₹288 crore in FY22 to over ₹388 crore in FY24, with profitability swinging from solid profits in FY22–FY23 to small losses in FY24 and H1FY25, while maintaining positive operating cash flows but undertaking heavy capex that drove negative free cash flows recently.
How can investors track Veeda Clinical IPO subscription and subscription status?
Once the issue opens, Veeda Clinical IPO subscription data and category-wise subscription status will be published on the NSE and BSE websites, and summarised by leading IPO investment platforms, like m.Stok, during each day of the book-building period.
What are the main risks associated with investing in Veeda Clinical?
Key risks include regulatory and compliance risk in a heavily supervised industry, dependence on a limited number of large sponsors, foreign exchange exposure, margin volatility and the possibility that high capex and integration of subsidiaries may weigh on near-term profitability.
How will Veeda Clinical IPO valuation be determined?
Veeda Clinical valuation will be shaped by the final price band and post-issue market capitalisation, benchmarked against global and Indian CRO peers on earnings, revenue and EV/EBITDA multiples, while also factoring growth prospects and recent profit volatility.
How can investors check Veeda Clinical IPO allotment status?
After the basis of allotment is finalised, investors can check Veeda Clinical allotment status on the registrar MUFG Intime’s portal using PAN, DP/Client ID, or application number, with links typically provided on the NSE and BSE websites and IPO-tracking portals.