Securities and Exchange Board of India (SEBI) — Primary Markets Division
Draft Red Herring Prospectus (DRHP) — Extract
Ref: SEBI/PM/DRHP/BNL/2025/0411 | Issuer: BioNexus Labs Pvt. Ltd. | Filed: 11 April 2025 | Released to Police under warrant TS/HOM/W/2025/0509
Filing TypeDraft Red Herring Prospectus (DRHP) — IPO Pre-filing
Proposed ExchangeBSE and NSE (Main Board)
Lead ManagersKotak Mahindra Capital / ICICI Securities
SEBI Filing Date11 April 2025
DRHP Status (as of 8 May 2025)Under SEBI review — observations pending
Pages ProvidedPages 1–14, 48–62 only (financial summary and risk factors; balance redacted)
This is an extract of a pre-filing document. The DRHP was filed with SEBI on 11 April 2025 and is subject to SEBI observations before any public offering can proceed. The figures herein are prospectus representations and are not verified by SEBI. This extract is provided for investigative purposes only.
Issue Overview
| Parameter | Detail |
|---|
| Proposed issue type | Fresh issue + Offer for Sale (OFS) by existing shareholders |
| Pre-money valuation (proposed) | ₹800 crore |
| Fresh issue size | ₹200 crore (new shares) |
| OFS component | ₹320 crore (existing shareholder sell-down) |
| Total IPO size | ₹520 crore |
| Primary revenue driver cited | NX-7 commercialisation — described as contributing 78% of projected 5-year revenue |
| DCGI approval status at filing | "Phase III clinical trial submitted to DCGI; approval expected Q2 2025." (DCGI approval was granted 6 May 2025, after this filing.) |
Pre-IPO Equity Structure (as declared)
| Shareholder | Pre-IPO Holding | Shares Held | OFS Sell-Down | Implied Value at ₹800Cr Pre-Money |
|---|
| Kavitha Nair (Founder / CEO) | 24.0% | 2,40,00,000 | ₹80Cr (sell-down in OFS) | ₹192 crore (pre-dilution) |
| Harish Goud (Series B lead investor) | 18.0% | 1,80,00,000 | ₹120Cr (sell-down in OFS) | ₹144 crore (pre-dilution) |
| Dr. Anil Reddy (Co-founder) | 20.0% | 2,00,00,000 | Nil (lockup: 24 months post-IPO) | ₹160 crore (post-lockup) |
| Ravi Teja (Co-founder / CTO) | 8.0% | 80,00,000 | ₹40Cr (partial sell-down) | ₹64 crore (pre-dilution) |
| Other Series A/B investors | 18.0% | 1,80,00,000 | ₹80Cr (sell-down) | ₹144 crore |
| ESOP pool (employees) | 6.0% | 60,00,000 | Nil | ₹48 crore |
| Public (post-IPO) | 6.0% (fresh issue) | To be issued | — |
Key Risk Factors (pages 48–62 extract)
| Risk Factor | DRHP Statement |
|---|
| Regulatory risk — NX-7 | "The Company's business is substantially dependent on DCGI approval for NX-7. Failure to obtain or retain such approval would materially impact projected revenues. As of the date of this Prospectus, approval is pending." [Note: approval granted 6 May 2025] |
| Clinical trial data risk | "The Phase III clinical trial data for NX-7 has been independently compiled and verified. All data submitted to DCGI is consistent with source documentation at participating sites." |
| Re-audit risk | "In the event that DCGI were to order a re-audit of Phase III data following approval, the Company's regulatory status would be placed in suspension pending the outcome. The Company is not aware of any grounds for such a re-audit." |
| Key person risk | "The Company is dependent on the continued contributions of its co-founders, including Dr. Anil Reddy (Lead Researcher) and Kavitha Nair (CEO and Managing Director). Loss of either key person could adversely impact the Company's research pipeline and commercial prospects." |
| Litigation risk | "As of the date of this Prospectus, the Company is not a party to any material legal proceedings." |
Regulatory Affairs Certification (page 14)
The DRHP regulatory certification section (page 14) states: "The regulatory affairs head of the Company, Sanjay Mehta (Head — Regulatory Affairs, BioNexus Labs Pvt. Ltd.), certifies that all regulatory filings described herein are accurate and complete and that the Company is in compliance with all applicable regulatory requirements as of the date of this Prospectus."
SEBI — Released Under Warrant TS/HOM/W/2025/0509
Certified extract — Securities and Exchange Board of India, Primary Markets Division
Provided to: Telangana State Police | 9 May 2025