Glenmark Life Sciences IPO will open for three days. (Representative Photo)
Glenmark Life Sciences IPO will open for three days. (Representative Photo)

Glenmark Life Sciences IPO to open tomorrow. Check details

Glenmark Life Sciences IPO will have a fresh issue of equity shares worth up to 1,060 crore and an offer for sale (OFS) of up to 63 lakh equity shares by Glenmark Pharmaceuticals.
By hindustantimes.com | Written by Meenakshi Ray, New Delhi
PUBLISHED ON JUL 26, 2021 10:49 AM IST

Glenmark Life Sciences Limited will open its three-day initial public offer (IPO) on Tuesday, July 27, and conclude on July 29, the company has said. Glenmark Life Sciences has fixed a price band of 695 to 720 per share for its initial share sale, it said in a statement.

Glenmark Life Sciences IPO will have a fresh issue of equity shares worth up to 1,060 crore and an offer for sale (OFS) of up to 63 lakh equity shares by Glenmark Pharmaceuticals.

LiveMint cited market observers as saying that Glenmark Life shares were available at a premium of 135 in the grey market, which is an unofficial platform where trading starts after the announcement of the price band till the listing of IPO shares.

Glenmark Life Sciences has reserved half of the total issue for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

The company has said it will use proceeds from the fresh issue to pay outstanding purchase consideration to the promoter for the spin-off of the API business and for funding the capital expenditure requirements. The Glenmark Life Sciences IPO will fetch 1,513.6 crore at the upper end of the price band,

Goldman Sachs (India) Securities Private Limited, SBI Capital Markets, Kotak Mahindra Capital Company, BofA Securities India Ltd, DAM Capital Advisors Ltd and BoB Capital Markets are the lead managers to the issue.

The equity shares of the company are expected to be listed on BSE and NSE on August 6, according to LiveMint.

Glenmark Life Sciences is a subsidiary of Glenmark Pharmaceuticals. It is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management and diabetes.

Glenmark Life Sciences also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives and other therapeutic areas.

(With agency inputs)

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