Glenmark Life Sciences IPO to open for subscription on July 27. Check details

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Glenmark Life Sciences IPO to open for subscription on July 27. Check details

The initial public offer (IPO) of Glenmark Life Sciences 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 investors segment will be kept open for bidding for a day on July 26. It is likely to be listed on the bourses on August 6.

The IPO will consist of a fresh issue of Rs 1,060 crore and an offer-for-sale of up to 6.30 million shares by Glenmark Pharmaceuticals Ltd. Glenmark Pharmaceuticals currently holds a 100 per cent stake in Glenmark Life Sciences.

In a DRHP filed in April, the company had mentioned a fresh issue of Rs 1,160 crore equity shares and offer-for-sale (OFS) of up to 73.05 lakh shares.

Proceeds from the fresh issue will be used for paying outstanding purchase consideration to the promoter for the spin-off of the API business, funding capital expenditure requirements and for general corporate purposes.

For the fiscal 2020 and 2019, its API operations contributed 84.16% and 89.87% of its total revenue from operations respectively. For the fiscal year 2020, the total income of the company was Rs 1549.30 crore versus Rs 886.87 crore a year ago. On the other hand, the net profit for the period stood at Rs 313.10 crore against 195.59 crore last year. The net debt of the company stood at Rs 947.44 crore as of December 2020.

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