Glenmark Life Sciences IPO to open on Jul 27; price band set at Rs 695-720/share

Glenmark Life Sciences on Wednesday said it has fixed a price band of Rs 695-720 a share for its initial share sale.

The three-day initial public offer (IPO) will open on July 27 and conclude on July 29, the company said in a statement.

The public issue will have the fresh issue of equity shares worth up to Rs 1,060 crore and the sale of up to 63 lakh equity shares by Glenmark Pharma.

Proceeds from the fresh issue will be used towards the payment of outstanding purchase consideration to the promoter for the spin-off of the API business and for funding the capital expenditure requirements.

At the upper end of the price band, the IPO will fetch Rs 1,513.6 crore.

Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, 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.

The company also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives, and other therapeutic areas.

Half of the total issue has been reserved for qualified institutional buyers, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors.

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 will be listed on BSE and NSE.