New Delhi: The initial public offering (IPO) of Glenmark Life Sciences will take place on Tuesday, July 27th in the primary market. The company has set a price range of Rs 695-720 per piece for the offering.
The company will issue new equity worth Rs 1,060 crore with a face value of Rs 2 each and an OFS from its existing promoter
which unloads 63 lakh stocks.
At the high end of the price range, the company is expected to raise Rs.1,513.6 billion through its first slate sale. The promoter holds 100 percent of the shares in the company.
The company will use the proceeds from the issue to pay the outstanding purchase price to the promoter to spin off the -I business and fund c -ital expenditures.
Investors can bid for at least 20 stocks and then in multiples of 20 stocks. The issue ends on Thursday, July 29th, for subscription.
Up to 50 percent of the total offer is reserved for qualified institutional buyers and 15 percent for non-institutional investors. The remaining 35 percent of the shares will be allocated to private investors.
The company has -pointed Kotak Mahindra C -ital Company, BofA Securities India and Goldman Sachs (India) Securities as their global coordinators and BRLMs.
DAM C -ital Advisors (formerly known as IDFC Securities), BOB C -ital Markets and SBI C -ital Markets will manage the issue. KFin Technologies has been -pointed registrar of the issue.
The company’s shares are listed on both the BSE and the NSE.
The company has a strong market share in select active ingredients such as chronic ther -eutic areas, including cardiovascular disease (CVS), central nervous system (CNS) diseases, pain management and diabetes.
According to the company, it has a strong market share in specialized drugs, including telmisartan (antihypertensive drugs), atovaquone (anti-parasitic drugs), perindopril (antihypertensive drugs), teneligliptine (diabetes), zonisamide (CNS), and ad -alene (dermatology).
Glenmark Life Sciences peers listed include players like Divis Laboratories, Laurus Labs, Shilpa Medicare, Aarti Drugs, and Solara Active Pharma Sciences.