January 19, 2015 / 9:56 AM / 5 years ago

India's Alkem Labs appoints banks for up to $291 mln IPO - sources

MUMBAI, Jan 19 (Reuters) - Indian drug manufacturer Alkem Laboratories has appointed Nomura and Axis Capital as lead bankers for a planned 15-18 billion rupees ($242.88-$291.45 million) initial public offering, five sources involved in the process told Reuters.

Alkem is expected to soon file for the IPO with Securities and Exchange Board of India, according the sources, who declined to be named as the proceedings have not been made public.

Local media reports had last week reported Alkem was considering a listing.

“We are planning to file the prospectus with the regulator soon,” said one of the sources.

Alkem, Nomura and Axis did not respond to queries seeking comments.

Mumbai-based Alkem has sales revenues of more than $500 million, according to its website. The company has seven manufacturing facilities across the country. ($1 = 61.7600 Indian rupees) (Reporting by Indulal PM and Abhishek Vishnoi Editing by Rafael Nam)

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