Glenmark Pharmaceuticals API Unit Glenmark Life Sciences Has its IPO For this, DRHP (draft red herring prospectus) has been filed in SEBI.
Company this IPO I will raise Rs 1,160 crore through a fresh offer, while the target is to raise capital through the offer for sale. While filing with SEBI, the company has informed that this IPO will include a fresh issue as well as an offer for sale of 7,305,245 equity shares.
Let us know that on March 9, 2021, Moneycontrol first gave information about the IPO of Glenmark Life Sciences. This move of the company is considered as a process of value unlocking in a key segment.
Currently, the valuation of the API business looks quite attractive. This will allow investors to place bets on the pure play of the API business. Apart from this, the debt burden of the parent company will also be reduced by using the money received from the IPO.
Explain that Biocon is also in the process of preparing an IPO for its biosimilars unit Biocon Biologics.
According to the DRHP filing, Kotak Mahindra Capital, BofA Securities, Goldman Sachs, DAM Capital, SBI Capital and BoB Capital will act as investment bankers for the IPO, while Trilegal and S&R Associates will be the legal advisors for the IPO.
The money received from the IPO will be used by the company to pay debts and meet other capital expenditure requirements.
Let us know that Emkay Global had said in its report on Glenmark in August 2020 that the company has a huge debt of Rs 3,600 crore. However, the company has managed to light up debt of Rs 180 crore out of it.
Significantly, about 2 years ago, Glenmark Pharmaceuticals tried to sell a minority stake in its API business, but the plan was not successful.
According to the company’s website, Glenmark Lifesciences supplies more than 130 APIs to more than 700 of its customers located in 65 countries around the world. It has 3 API producing units in India and has an annual production capacity of over 450 metric tonnes.
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