Homegrown private equity (PE) firm CX Partners plans to sell part of its stake in Veeda Clinical Research Pvt. Ltd through an initial public offering (IPO) of ₹500-700 crore, two people aware of the development said on condition of anonymity. Veeda, headquartered in Ahmedabad, offers a range of early and late phase bioequivalence studies and clinical trials to generic and innovator pharmaceutical companies. In November 2018, a consortium of PE investors led by CX Partners Fund 2 acquired a majority stake in Veeda. “The total operating income (TOI) of Veeda declined by around 30% to ₹152.52 crore in FY20 from ₹223.03 crore in FY19.

Source: Mint May 25, 2021 20:26 UTC