Glenmark Life Sciences Ltd. (Glenmark Life Sciences) initial public offering (IPO) will open for subscription on July 27 and close on July 29. Its parent company Glenmark Pharmaceuticals Ltd said this in a notice to the exchanges on Tuesday.
The price band of this IPO has been fixed at Rs 695-720. This will be the 29th IPO to hit the market in 2021. Its lot size will be 20 shares. After this, investments can be made in it in a multiple of 20 only.
50 per cent stake in this issue for QIBs. 35 per cent will be reserved for retail investors and 15 per cent for gall institutional investors.
Glenmark Life Sciences is in the business of manufacturing Active Pharmaceutical Ingredients (APIs). Its portfolio includes 120 products. At present, Glenmark Pharma holds 100 per cent stake in the company.
The IPO includes a fresh issue of ₹1060 crore and an offer for sale of 6.30 million shares by promoter Glenmark Pharmaceuticals Ltd. The company will raise Rs 1,513.6 crore through this issue.
Bidding for anchor investors will start from July 26 and can be listed on the exchanges on August 6. Goldman Sachs, Kotak Mahindra Capital, Bofa Securities, DAM Capital, BoB Caps and SBI Capital Markets are the lead managers of the issue.
The company relies on API business and for FY 2020 and 2019, its API operations contributed 84.16% and 89.87% to its total revenue.
The company’s total income for the fiscal year 2020 was ₹1549.30 crore as against ₹886.87 crore a year ago. Net profit for the period stood at ₹313.10 crore as against ₹195.59 crore last year. As of December 2020, the company’s debt stood at ₹947.44 crore.
As of December 2020, the company had a portfolio of 120 molecules globally and sold our APIs in India and exported our APIs to many countries in Europe, North America, Latin America, Japan and the rest of the world. As of 7 April 2021, the company had filed 399 drug master files and certificates of suitability for monographs of the European Pharmacopeia in several key markets.
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