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New Delhi: Pharmaceutical ingredient manufacturing firm Valiant Laboratories has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO is an entirely fresh issuance of 1.15 crore equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP) filed with Sebi on Thursday. Proceeds of the issue will be utilised to set-up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary -- Valiant Advanced Sciences Private Ltd (VASPL) and to meet working capital requirements of the subsidiary company. Valiant Laboratories is an Active Pharmaceutical Ingredient (API) or bulk drug manufacturing company with its focus on manufacturing Paracetamol, which is used in the treatment of headache, muscle ache, arthritis, back ache, toothache, cold and fever. The paracetamol API industry grew from Rs2,200 crore in fiscal 2017 to Rs3,900 crore in fiscal 2023.