New Delhi (Anish Yande): Glenmark Life Sciences initial public offering would be launching next week. The subsidiary of Glenmark Pharmaceuticals aims to raise Rs 1,513 crore through the IPO. The issue would open for subscriptions from July 27. Check all details of the Glenmark Life Sciences initial public offering here.
Key things to know about the Glenmark Life Sciences' IPO:
Glenmark Life Sciences' IPO consists of a fresh issue of Rs 1,060 crore. The fresh issue has been reduced from the previous equity shares amounting to Rs 1,160 crore. The offer for sale amounts to 63 lakh shares to be offloaded by existing selling shareholders.
The price band for the Glenmark Life Sciences issue was fixed at Rs 695 to 720 per share. The company's IPO will open on July 27 and close on July 29. The offer for sale consists of an offer for sale by Glenmark Pharmaceuticals. The pharma company holds a 100 per cent stake in Glenmark Life Sciences.
Investors can bid for a minimum of 20 equity shares and in multiples of 20 equity shares. Qualified institutional buyers can bid from 50 per cent of the offer which is reserved for them. Up to 35 per cent is reserved for retail investors and 15 per cent of the issue is kept aside for non-institutional investors.
Glenmark Life Sciences will utilise fresh issue proceeds for capital expenditure requirements. The requirements include the expansion of capacity at the manufacturing site in Dahej, Gujarat.
Glenmark Life Sciences company details:
Glenmark Life Sciences is a manufacturer of active pharmaceutical ingredients (API). The company manufactures certain high value, non-commoditised APIs for central nervous system ailments, cardiovascular disease, pain management and diabetes.
Glenmark Life Sciences operates four multi-purpose manufacturing facilities across India. The manufacturing facilities are located at Mohol and Kurkumbh in Maharashtra and Ankleshwar and Dahej in Gujarat. The shares of Glenmark Life Sciences are likely to be listed on the stock markets on August 6.
The investment bankers to the issue are Kotak Mahindra Capital, Goldman Sachs, DAM Capital, BofA Securities, SBI Capital and BoB Capital.
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