OneSource, India’s first specialty pharma CDMO, has informed the exchanges that it has received final listing and trading approval for its equity shares.

OneSource will start trading on NSE and BSE from Friday, January 24, 2025 onwards.

“OneSource has received final listing and trading approval for its equity shares from the National Stock Exchange of India Limited (NSE) and BSE Ltd on Wednesday, January 22,” Strides Pharma said in an exchange filing.

Last year in November, Strides Pharma announced the approval from National Company Law Tribunal (NCLT) for OneSource, bringing together its specialised businesses.

Following the approval, OneSource, formerly known as Stelis, progressed towards listing on the stock exchanges, and shareholders were allotted one share of the company for every two held in Strides Pharma.

Eligible shareholders, as of the record date of December 6, 2024, had received one fully paid equity share of ₹1 each in OneSource for every two equity shares of ₹10 held in Strides Pharma. The allotment was finalised on December 10 last year.

According to analyst, OneSource’s stake is worth ₹638 for each share of Strides. The value of Strides continuing business at ₹850 per share.

For shareholders holding Strides Pharma shares in physical form, OneSource will consolidate their unclaimed shares into an “Unclaimed Securities – Suspense Escrow Account.” These shares will be transferred to the respective shareholders once they convert their holdings to demat form and provide the required details.

Fractional entitlements arising from the allotment will be consolidated and managed by Catalyst Trusteeship Limited, which will sell the shares within 90 days of the allotment and distribute the net proceeds to eligible shareholders, after deductions for expenses and taxes.

Strides Pharma had announced the creation of OneSource in 2023, in an effort to unlock value. The company claims OneSource is among the top five Indian CDMO players.

Last year, OneSource had achieved a revenue of $21.5 million, a 4.4 times growth over FY23 with positive EBITDA for the first time in Q4FY24, adjusted to one-time expenses. OneSource claims to have five state-of-the-art facilities and a workforce of 1,200 employees.

OneSource Q2FY25 performance

OneSource delivered third consecutive EBITDA positive quarter. It saw a significant uptick in RFP post Biosecure Act, 2024 in the US.

The second half of FY25 is expected to see a significant uptick with CDMO supplies.

OneSource is tracking for an exit EBITDA of upwards $20 million in Q4FY25.

OneSource FY25 Guidance

Revenue $160 – $180 million

EBITDA margin of 34%

EBITDA range $55 – $61 million

The three to four year outlook stood at $350 – $400 million in revenues with EBITDA of 40%.

OneSource will house three distinct businesses — Strides’ Softgel business, the biopharma business (previously known as Stelis), and injectables business of Steriscience, and aim to be among the top five pure-play CDMOs in India.

Shares of Strides Pharma Science Ltd. are currently trading 7% higher on Thursday at ₹622.