Glenmark Life Sciences' initial public offering (IPO) opens for bidding today i.e. July 27, 2021. The IPO, which will be open for three days until July 29, 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 Life Sciences, a wholly-owned subsidiary of Glenmark Pharmaceuticals. The shares of Glenmark Life Sciences are likely to be listed on August 6.
The IPO proceeds will be used to pay the promoter for spin-off of the API business, fund capital expenditure requirements and for general corporate purposes, Glenmark Pharma said in a regulatory filing to the stock exchanges.
Ahead of the IPO, Glenmark Life Sciences garnered Rs 454.32 crore from 19 anchor investors.
Glenmark Life Sciences is the API (active pharmaceutical ingredients) arm of Glenmark Pharmaceuticals. It has more than 120 products in its portfolio and exports APIs to multiple countries in Europe, North America and Latin America.
Kotak Mahindra Capital, BofA Securities, Goldman Sachs, DAM Capital, SBI Capital and BoB Capital are the investment bankers to the public issue, whereas KFintech is the registrar to the issue.