Glenmark Life Sciences IPO : The IPO of Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, will open for subscription on July 27 and will open on July 29. The offer size of the IPO has been reduced, now new shares worth Rs 1060 crore will be issued under this. Also, Offer for Sale (OFS) will be brought for 63 lakh equity shares. Glenmark Life Sciences submitted a red herring prospectus to the Registrar of Companies (ROC) on July 19, according to information filed with the exchanges.
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.
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.
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