Glenmark Life IPO: The company has fixed the price band of this issue at Rs 695-720 per share. The issue can be bid for at least 20 equity shares and thereafter in multiples of 20.
Glenmark Life Sciences IPO
The initial public offering (IPO) of pharmaceutical ingredient manufacturer Glenmark Life Sciences (GLS) will open from July 27 and close on July 29. The company has fixed the price band of this issue at Rs 695-720 per share. The issue can be bid for at least 20 equity shares and thereafter in multiples of 20. The company has planned to raise around Rs 1514 crore through IPO.
New shares worth Rs 1060 crore will be issued in the IPO. At the same time, 63 lakh shares will be sold through Offer for Sale (OFS). There is a lot of 20 shares for the IPO of Glenmark Life Sciences. That is, in terms of upper price band Rs 720, at least Rs 14,400 will have to be invested.
manager of ipo
Kotak Mahindra Capital, Goldman Sachs, Bofa Securities, DAM Capital, BoB Caps and SBI Capital Markets are the book running lead managers for the IPO.
The company will use the proceeds from the IPO to pay off debt and for general needs. The company is in API business. The share of API in its revenue in the financial years 2019 and 2020 was 89.87 percent and 84.16 percent. Its portfolio includes 120 products. At present, Glenmark Pharma holds 100 per cent stake in the company.
Bid for anchor investors on July 26
Anchor investor bidding will start from July 26 and can be listed on the exchanges on August 6. Up to 50% of the offer is reserved for Qualified Institutional Buyers (QIBs) and 15% for Non-Institutional Investors. The remaining 35 per cent stake will be allotted to retail investors.
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