Delhi-based Akums Drugs and Pharmaceuticals Ltd has picked four investment banks as advisors and kicked off the process to prepare for a listing in 2024.

Akums is backed by Quadria Capital, a leading healthcare-focused Asian private equity firm which recently exited Concord Biotech by selling its entire 20 percent stake, when the Ahmedabad-based biopharmaceutical firm made a healthy market debut on the domestic bourses in August.

According to sources, Akums has picked ICICI Securities, Citi, Axis Capital and Ambit for the proposed IPO and the deal kick-off with all the advisors took place recently in Haridwar.

The size of the IPO would be a function of the final valuations, the primary component plus the stake sold by the management and the investor Quadria which holds around 15 percent stake.

The IPO was aimed at mopping up growth capital to boost capacity, expand international presence and provide an exit to Quadria Capital.