Glenmark Life Sciences IPO: The IPO of Glenmark Life Sciences, one of the country’s top pharma companies, will open for subscription on July 27. The company has kept the share price for its IPO at Rs 695-720. in this you 29 You can invest till July 29. After that its subscription will be closed. Its parent company is Glenmark Pharmaceuticals Ltd. (Glenmark Pharmaceuticals Ltd.) Information has been given about this on Tuesday. The company is going to launch this fresh issue in the market to increase its business and to meet the capital requirements.. The company plans to garner approx. 1514 crore.
There will be a glut of 20 shares for the IPO. Investors can buy a maximum of 13 lots. The company will issue new shares worth Rs 1060 crore. At the same time, its parent company Glenmark Pharmaceuticals Limited will sell 63 lakh equity shares through offer for sale. The issue will open for anchor investors on July 26. According to the information, the shares of Glenmark Life can be listed on the exchanges in the stock market on August 6.
The company reduced the size of the IPO
Let us tell you that earlier, Glenmark Life had planned to issue fresh shares worth Rs 1,160 crore and about 73 lakh equity shares through offer for sale. But now it has reduced the size of its IPO.
Glenmark Life Sciences had sent an IPO application to SEBI in April this year. The company will use the proceeds from the new shares to meet the purchase of the Active Pharmaceutical Ingredients (API) business and other capital expenditure requirements.
Company’s revenue is dependent on API business
Let us tell you that Glenmark Pharma currently holds 100 percent stake in the company. The company is dependent on its Active Pharmaceutical Ingredients (API) business for revenue. The company’s revenue from API business stood at 84.14 percent in 2019 and 89.87 percent in 2020. Its portfolio includes 120 products.
Glenmark Life Sciences has appointed Goldman Sachs, Kotak Mahindra Capital, Bank of America Securities, DAM Capital, Bank of Baroda Capital and SBI Capital Markets as its lead managers for the IPO.
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