हिंदी English

Glenmark Life Sciences has priced its IPO between Rs 695-720 per share

Glenmark Life Sciences, a developer and manufacturer of active pharmaceutical ingredients (APIs), has priced its initial public offering (IPO) between Rs 695 and Rs 720 per equity share. The company has cut its offer size by about Rs 150 crore. On this issue, bankers said that the promoters have marginally reduced their selling stake.

While filing the draft red herring prospectus (DRHP), the company was planning to raise Rs 1,160 crore as fresh capital, and the promoters were planning to sell 7.3 million shares.

The IPO now includes a fresh issue of Rs 1,060 crore and an offer for sale of 6.3 million shares worth Rs 453.60 crore.

IP0 will start on July 27 and end on July 29. Anchor investor bidding will begin on July 26, and may be listed on the exchanges on August 6.

Bidding can be made for a minimum of 20 equity shares and thereafter in multiples of 20 equity shares.

At the upper end of the price band, the company can raise Rs 1,513.60 crore. The offer for sale has been made by the promoter of the company, Glenmark Pharmaceuticals.

The company proposes to use the net proceeds from the fresh issue for payment of outstanding purchase consideration from the promoter to the promoter for spin-off of the API business in the company. and funding capital expenditure requirements.

Glenmark Life Sciences is a wholly owned subsidiary of Glenmark Pharmaceuticals. The parent started its API manufacturing business in 2001-02 with a manufacturing facility at Kurkumbh. In 2019, Glenmark’s API manufacturing business was spun off into Glenmark Life Sciences as part of a broader restructuring.

The company is a developer and manufacturer of select APIs in chronic therapeutic areas including cardiovascular disease, central nervous system disease, pain management and diabetes. It also manufactures and sells APIs for gastro-intestinal disorders, anti-infection and other therapeutic areas. The company also provides contract development and manufacturing operation services to multinational and specialty pharmaceutical companies.

As of March 31, 2021, the company sold its APIs in India, Europe, North America, Latin America and Japan.

The company operates four multi-purpose manufacturing facilities located at Ankleshwar and Dahej in Gujarat, India and Mohol and Kurkumbh in Maharashtra.

Kotak Mahindra Capital, BofA Securities India and Goldman Sachs (India) are the Global Coordinators and Book Running Lead Managers of the offer. DAM Capital Advisors, BOB Capital Markets Limited and SBI Capital Markets are the Book Running Lead Managers of the offer.

Dear reader,

Business Standard has always worked hard to provide updated information and commentary on events that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has further strengthened our resolve and commitment to these ideals. Even during these difficult times arising out of COVID-19, we are committed to keeping you informed and updated with relevant news, authoritative views and sharp comments on relevant relevant issues.
However, we have a request.

As we grapple with the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. Subscribing to more of our online content can only help us achieve our goals of providing you with better and more relevant content. We believe in independent, unbiased and credible journalism. Your support through more subscriptions can help us practice the journalism we’re committed to.

support quality journalism and Subscribe to Business Standard.

digital editor


Leave a Reply

Your email address will not be published. Required fields are marked *