Glenmark Life Sciences IPO To Open On July 27, Value Band Set At Rs 695 – Rs 720 Apiece

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The corporate proposes to utilise the web proceeds from the recent challenge in direction of fee of excellent buy consideration to the promoter for the spin-off of the API enterprise from the Promoter into the corporate on October 9, 2018; funding the capital expenditure necessities; and normal company functions.

July 21, 2021 / 04:08 PM IST

IPO (PC-Shutterstock)

The preliminary public supply of energetic pharmaceutical ingredient producer Glenmark Life Sciences (GLS), will open on July 27. The corporate has set a worth band at Rs 695 – Rs 720 per fairness share.

The supply will shut on July 29.

The supply consists of fairness shares of face worth of Rs 2 every of GLS comprising a recent challenge of Rs 1,060 crore and a suggestion on the market of as much as 63 lakh fairness shares by current promoters of Glenmark Prescribed drugs. On the larger worth band, GLS is predicted to lift Rs 1,513 crore.

Bids will be made for at least 20 fairness shares and in multiples of 20 thereafter.

GLS is a number one developer and producer of choose excessive worth, non-commoditised energetic pharmaceutical substances in persistent therapeutic areas.

The corporate proposes to utilise the web proceeds from the recent challenge in direction of fee of excellent buy consideration to the promoter for the spin-off of the API enterprise from the Promoter into the corporate on October 9, 2018; funding the capital expenditure necessities; and normal company functions.

As much as 50 p.c of the supply is reserved for certified institutional patrons (QIB) and 15 p.c for non-institutional buyers. The remaining 35 p.c stake is allotted to retail buyers.

Kotak Mahindra Capital, BofA Securities and Goldman Sachs (India) Securities are the World co-ordinators and e-book operating lead managers to the supply.

DAM Capital Advisors Restricted (Previously often called IDFC Securities Restricted), BOB Capital Markets and SBI Capital Markets are the e-book operating lead managers to the supply.

Viswanath Pilla is a enterprise journalist with 14 years of reporting expertise. Based mostly in Mumbai, Pilla covers pharma, healthcare and infrastructure sectors for Moneycontrol.

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