Celestial Labs Ltd. was incorporated as Celestial Technologies Private Ltd. in 1997 to provide customized enterprise solutions to its clients. The original promoters sold their holding to the present promoter A.N.Singh in November 1999. The company was converted to a Public Limited Company - “Celestial Technologies Ltd” in December 1999 and was renamed as “Celestial Labs Ltd.” in February 2004.

Over the past 2-3 years, the company has ventured into new territories by shifting focus towards biotechnology. The company plans to manufacture and sell industrial enzymes and has also planned entry into the new drug discovery segment. Celestial Labs has also developed a bioinformatics drug design tool “Celsuite” to aid new drug discovery in the pharmaceuticals industry.

For the year ended March 2006, Celestial Labs reported a net profit of Rs 32.8 million on operating income of Rs 102.2 million, as compared to a net profit of Rs 26.8 million and operating income of Rs 80.7 million in 2004-05.

CRISIL Grading :

CRISIL has assigned a CRISIL IPO grade “1/5″ (pronounced “one on five”) to the proposed initial public offer of Celestial Labs Ltd. This grade indicates that the fundamentals of the issue are poor relative to other listed equity securities in India.

The grading reflects the very low predictability associated with the company’s plans in the new drug discovery area and the lack of a clear operational roadmap (especially marketing) for the industrial enzymes business. These activities are expected to consume over 75% of the planned funds deployment by the company over the next 3 years.

The grading also takes cognizance of the successful track record of the company’s IT projects business in the bioinformatics space and the fact that it may be able to translate this into successful development of a bioinformatics product.

Cumulative Bid Details

Not Available at this time.