BENGALURU - India's Emcure Pharmaceuticals has filed draft papers with the market regulator for an initial public offering, a filing showed, making it the latest company to tap capital markets in a fund-raising frenzy.

A source with direct knowledge of the matter told Reuters the offering could be worth up to 50 billion rupees ($671.89 million).

The offering will consist of a fresh issue of shares worth 11 billion rupees and a sale of 18.2 million shares by existing shareholders, including U.S. private equity firm Bain Capital, the filing dated Wednesday showed.

Emcure did not immediately respond to Reuters' request for comment.

The Pune-based pharmaceutical company, whose unit Gennova Biopharmaceuticals is developing India's first indigenous mRNA COV­ID-19 vaccine, said it would use the proceeds to repay debt and for general corporate purposes.

Axis Capital, BofA Securities India, Credit Suisse Securities (India), JM Financial are the global coordinators and book running lead managers, and BOB Capital Markets is the book running lead manager to the IPO.

($1 = 74.4170 Indian rupees)

(Reporting by Chris Thomas in Bengaluru and Aditi Shah in New Delhi; Editing by Shounak Dasgupta and Subhranshu Sahu) ((; +91-80-6749-8695))