Glenmark Life Sciences IPO : The price band for Glenmark Life Sciences IPO, which opened for subscription on July 27, has been fixed. The price band of Rs 2 face value shares has been kept at Rs 695-720. The IPO size of the company has been reduced and now only fresh shares worth Rs 1060 crore will be issued. Earlier, the intention was to issue fresh shares worth Rs 1160 crore. Earlier, Offer for Sale (OFS) was to be brought for 73.05 lakh shares but now offer for sale will be brought for 63 lakh shares. Glenmark Life Sciences will raise Rs 1513.6 crore through this IPO. The shares can be allotted on 3 August 2021 and it can be listed in the stock market on 6 August.
Can apply for at least 20 shares
Investors can apply for lots of 20 shares and multiples thereafter. Not more than 50 percent of the IPO will be reserved for QIBs. 35 percent has been reserved for retail investors and 15 percent for non-institutional investors i.e. NII. Glenmark Life Sciences is a subsidiary of Glenmark Pharmaceuticals. The average cost per equity share of the promoter has been kept at Rs 0.14. The offer price at the top of the price band is Rs 720.
IPO size down
Anchor investors will be able to bid on July 26, a day before the opening of the IPO. Glenmark Life Sciences is likely to be listed on the stock market on August 6, 2021. In the DRHP filed in April, the company had said that it would issue fresh shares worth Rs 1160 crore and offer for sale would be brought for 73.05 lakh shares. But now this size has been reduced. After the listing, Glenmark Life Sciences will join the race along with Divis Laboratories, Laurus Labs, Shilpa Medicare, Aarti Drugs and Solara Active Pharma Sciences. Glenmark Life Sciences will be the fifth IPO of this month. Prior to this, IPOs of Clean Science and Technology, GR Infraprojects, Zomato, Tattva Chintan Pharma and Gland Pharma have come. All these are IPOs of the pharma sector.
Glenmark Life Sciences IPO size reduced, will open for subscription on July 27 – Know all the details
Company’s responsible on API business
Kotak Mahindra Capital, Goldman Sachs, Bofa Securities, DAM Capital, BoB Caps and SBI Capital Markets are the lead managers of the issue. 900 crore will be raised by issuing new shares. The company will be using it to clear the dues. This amount was spent to separate the company’s API business. Apart from this, the remaining Rs 152.76 crore will be used by the company to meet other requirements. The company’s incumbent is on the API business. The share of API in its revenue in FY 2019 and 2020 was 89.87 and 84.16 per cent respectively.