Glenmark Life Sciences’, a subsidiary of Glenmark Pharmaceuticals, IPO will open for subscription next week on 27 July and close on 29 July 2021. In a notice to exchanges, Glenmark Pharmaceuticals informed that on 19 July 2021, Glenmark Life Sciences had filed the RHP with the Registrar of Companies (ROC), which has been taken on record by the ROC on 20 July 2021. Glenmark Life’s IPO size has been lowered and will now comprise fresh problem of equity shares worth Rs 1,060 crore and offer you-for-sale (OFS) of up to 63 lakh equity shares. The anchor investor bid will open one day prior to the IPO opening date, on 26 July 2021. Glenmark Life is most likely to make its stock marketplace debut next month, on 6 August 2021.
In the DRHP filed in April, the business had described a fresh problem of Rs 1,160 crore equity shares and offer you-for-sale (OFS) of up to 73.05 lakh shares. Upon thriving listing, Glenmark Life Sciences will join the likes of Divis Laboratories, Laurus Labs, Shilpa Medicare, Aarti Drugs, and Solara Active Pharma Sciences. Glenmark Life Sciences would be the fifth IPO so far this month, following Clean Science and Technology, GR Infraprojects, Zomato and Tatva Chintan Pharma Chem. Gland Pharma was the last IPO from the pharmaceuticals sector, launched last year in November.
The book operating lead managers to the problem will be DAM Capital Advisors Ltd, BOB Capital Markets, and SBI Capital Markets Ltd. The registrar to Glenmark Life Sciences will be KFin Technologies Private Ltd. The international coordinators and book operating lead managers to the problem are Kotak Mahindra Capital Company, BofA Securities India and Goldman Sachs (India) Securities Pvt Ltd, according to DRHP. The equity shares are proposed to be listed in BSE and National Stock Exchange. The typical sector PE ratio stands at 31.1x. And the weighted typical return on net worth for fiscals 2018, 2019 and 2020 stands at 72.05 per cent.
In DRHP, filed in April this year, Glenmark Life Sciences proposed to utilise the net proceeds from the problem towards payment of outstanding acquire consideration to the promoter for the spin-off of the API small business from the promoter into the business. The business has also planned to use the proceeds towards funding the capital expenditure specifications and basic corporate purposes. The quantity utilised for basic corporate purposes can not exceed 25 per cent of the net proceeds of the fresh problem.