The shares of Glenmark Life Sciences, which is the subsidiary of Glenmark Pharmaceuticals, will list on the bourses tomorrow i.e. August 3. The Rs 1,513 crore initial public offering (IPO), which was open between July 27 and July 29, was subscribed as much as 44.17 times. The IPO comprised a fresh issue of Rs 1,060 crore and an offer-for-sale of Rs 453.60 crore by the promoters. The shares were sold in the price band of Rs 695-720 per share.
Ahead of the IPO, Glenmark Life Sciences raised Rs 454 crore from anchor investors.
Glenmark Life Sciences will utilise the proceeds from the fresh issue to pay the promoter for spin-off of the API business and to fund its capital expenditure requirements.
Glenmark Life Sciences was incorporated in the year 2011. It is the API (active pharmaceutical ingredients) subsidiary of Glenmark Pharmaceuticals. It has more than 120 products in its portfolio and exports APIs to multiple countries in Europe, North America and Latin America.
Kotak Mahindra Capital, BofA Securities, Goldman Sachs, DAM Capital, SBI Capital and BoB Capital are the investment bankers to the public issue, whereas KFintech is the registrar to the issue.
Brokerage firm Anand Rathi had given a ‘Subscribe’ rating to the Glenmark Life Sciences IPO, saying the company had “leadership in select high-value non-commercialized APIs in chronic therapeutic areas, strong management and good balance sheet.”