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The initial public offer of bulk drug and contract manufacturer Glenmark Life Sciences received bids for 66.33 crore shares as against 1.50 crore shares on offer on Thursday (29 July 2021), according to stock exchange data at 17:00 IST. The issue was subscribed 44.17 times. The issue opened for bidding on Tuesday (27 July 2021) and it will close today (29 July 2021). The price band of the IPO was fixed at Rs 695-720 per share. The IPO comprised of fresh issue of equity shares worth up to Rs 1,060 crore and an offer for sale of up to 63 lakh equity shares by existing shareholder Glenmark Pharmaceuticals. Glenmark Pharmaceuticals is the promoter of the company, which currently holds an aggregate of 10,78,04,950 equity shares, aggregating to 100% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding for the same is expected to be around 82.84%. The proceeds from the issue will be used for payment of Rs 800 crore of outstanding purchase consideration to the Promoter Glenmark Pharmaceutical for the spin-off of the API business through business purchase agreement, funding the capital expenditure requirements of Rs 152.7 crore and remaining amount will be used for general corporate purposes. Ahead of the IPO, Glenmark Life Sciences on 26 July 2021 allotted 63,06,660 equity shares to 19 anchor investors, at Rs 720 per equity share, aggregating to Rs 454.07 crore. Glenmark Life Sciences is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease (CVS), central nervous system disease (CNS), pain management and diabetes. The company also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives and other therapeutic areas. The API portfolio of the company comprises of specialized and profitable products which includes niche and technically complex molecules. The company has the capacity to branch into other high value products. As of 31 December 2020, the company had a portfolio of 120 molecules globally. Glenmark Life Sciences reported a net profit of Rs 351.58 crore and sales of Rs 1,885.17 crore in the twelve months ended 31 March 2021. Powered by Capital Market - Live News
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