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Glenmark Life’s initial public offering opens next week; Dates, price band announced

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 API business and fund capital 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 appointed Kotak Mahindra Capital Company, BofA Securities India and Goldman Sachs (India) Securities as their global coordinators and BRLMs.

DAM Capital Advisors (formerly known as IDFC Securities), BOB Capital Markets and SBI Capital Markets will manage the issue. KFin Technologies has been appointed 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 therapeutic 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 adapalene (dermatology).

Glenmark Life Sciences peers listed include players like Divis Laboratories, Laurus Labs, Shilpa Medicare, Aarti Drugs, and Solara Active Pharma Sciences.

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