Glenmark Life Sciences IPO will open for subscription on July 27. See details
Glenmark Life Sciences’ initial public offering (IPO) will open for subscription on July 27 and close on July 29, 2021. Glenmark Life Sciences is the API (Active Pharmaceutical Ingredients) arm of Glenmark Pharmaceuticals.
Meanwhile, the anchor investor segment will remain open for bidding for one day on July 26. It is likely to be listed on the stock exchanges on August 6.
The IPO will include a fresh issue of Rs 1,060 crore and an offer for sale of 6.30 million shares by Glenmark Pharmaceuticals Ltd. Glenmark Pharmaceuticals currently holds 100 per cent stake in Glenmark Life Sciences.
In a DRHP filed in April, the company had mentioned fresh issue of equity shares worth Rs 1,160 crore and offer-for-sale (OFS) of 73.05 lakh shares.
The proceeds from the fresh issue will be used for spin-off of the API business, to pay off purchase consideration outstanding to the promoter, to finance capital expenditure requirements and for general corporate purposes.
For fiscal years 2020 and 2019, its API operations contributed 84.16% and 89.87% of its total revenue from operations, respectively. The company’s total income for FY20 stood at Rs 1549.30 crore as against Rs 886.87 crore a year ago. On the other hand, the net profit for the period stood at Rs 313.10 crore as against Rs 195.59 crore last year. The company’s net debt as of December 2020 was Rs 947.44 crore.
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