New Delhi: Glenmark Life Sciences initial public offer (IPO) will open today. Proceeds from the fresh issue will be used towards payment of outstanding purchase consideration to the promoter for the spin-off of the API business and funding the capital expenditure requirements, the company had said.
Glenmark Life Sciences is a subsidiary of Glenmark Pharmaceuticals. The company is a leading developer and manufacturer of select high value, non-commoditised active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management and diabetes.
The company also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives and other therapeutic areas.
Here is all you want to know about the Glenmark Life Sciences IPO
The company had raised Rs 454 crore from anchor investors ahead of its initial share sale.
The company has decided to allocate 63,06,660 equity shares to 19 anchor investors at Rs 720 a share, aggregating to Rs 454 crore.
HSBC Global Investment Funds, Government Pension Fund Global, Oaktree Emerging Markets Equity Fund LP, Copthall Mauritius Investment Ltd -ODI account, Societe Generale-ODI, Kuber India Fund and Reliance General Insurance Company are among the anchor investors.
The initial public offer (IPO) will have fresh issue of equity shares worth up to Rs 1,060 crore and sale of up to 63 lakh equity shares by Glenmark Pharma.
The issue, with a price band of Rs 695-720 a share, will open on July 27 and conclude on July 29.
At the upper end of the price band, the IPO will fetch Rs 1,513.6 crore.
Half of the total issue has been reserved for qualified institutional buyers, 35 per cent for retail investors, and remaining 15 per cent for non-institutional investors.
Goldman Sachs (India) Securities Private Limited, SBI Capital Markets, Kotak Mahindra Capital Company, BofA Securities India Ltd, DAM Capital Advisors Ltd and BoB Capital Markets are the lead managers to the issue.
The equity shares of the company will be listed on BSE and NSE.
With PTI Inputs