CX Partners Backed Veeda Gets SEBI Nod For IPO

Veeda Clinical Research Limited has received clearance from the Securities and Exchange Board of India (SEBI) to file its initial public offering (IPO), with private equity firm CX Partners making a partial exit from its investment in the clinical research organisation. Veeda had filed draft papers for a Rs 831.6 crore initial public offering in September this The IPO consists of a fresh issue of Rs 331.60 crore and an offer for sale (OFS) of Rs 500 crore by shareholders and promoters.

The OFS comprises a Rs 8.08 crore sale by CX Alternative Investment Fund, Rs 90.19 crore sale by Arabelle Financial Services Ltd, Rs 259.77 crore sale by Bondway Investments lnc, Rs 4 lakh sale by Stevey International Corporation and Rs 141.93 crore sale by Basil Pvt Ltd. Currently, CX Alternative Investment Fund holds 2.98% stake, Arabelle 4.51% stake, Bondway 28.36% stake, Stevey 0.002% stake, and Basil 52.42% stake. CX Alternative Investment Fund, Bondway, Basil, and Arabelle are all CX Partners entities.