Glenmark Life IPO: The IPO comprises a fresh issue of Rs 1,060 crore and an offer for sale of 63 lakh equity shares by promoter Glenmark Pharmaceuticals
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Glenmark Life Sciences, the subsidiary of pharma major Glenmark Pharmaceuticals, will open its initial public offering for subscription on July 27. This is the 29th public offering to hit Dalal Street in the current year 2021.
The price band for the offer, which will close on July 29, has been fixed at Rs 695-720 per equity share, as per the information available in daily business newspapers.
The IPO comprises a fresh issue of Rs 1,060 crore and an offer for sale of 63 lakh equity shares by promoter Glenmark Pharmaceuticals. The fund raising comes to Rs 1,513.6 crore at a higher price band.
The company will utilise fresh issue proceeds for payment of outstanding purchase consideration to the promoter for the spin-off of the API business from the promoter into the company pursuant to the Business Purchase Agreement dated October 9, 2018 (Rs 800 crore), and funding capital expenditure requirements (Rs 152.76 crore).
Investors can bid for a minimum of 20 equity shares and in multiples of 20 equity shares thereafter.
Up to 50 percent of the total offer is reserved for qualified institutional buyers, 35 percent for retail investors, and 15 percent for non-institutional investors.
Glenmark Life 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 company has strong market share in select specialized APIs such as Telmisartan (anti-hypertensive), Atovaquone (anti-parasitic), Perindopril (antihypertensive), Teneligliptin (diabetes), Zonisamide (CNS) and Adapalene (dermatology).
It is also increasingly providing contract development and manufacturing operations (CDMO) services to a range of multinational and specialty pharmaceutical companies.
In 2019, the API manufacturing business of Glenmark Pharma was sold and spun off into Glenmark Life Sciences as part of a broader reorganization designed to place Glenmark Pharma on an accelerated trajectory to attain its objectives in three different verticals, with Glenmark Life focusing on the API business. Following the spin-off, Glenmark Life operates as an independent, professionally-managed global API business.
The company currently operates four multi-purpose manufacturing facilities located at Ankleshwar and Dahej in Gujarat, and Mohol and Kurkumbh in Maharashtra with an aggregate annual total installed capacity of 726.6 KL as of March 2021.
Glenmark Life Sciences can be compared with Divis Laboratories, Laurus Labs, Shilpa Medicare, Aarti Drugs, and Solara Active Pharma
Sciences.
Promoter Glenmark Pharmaceuticals, currently, holds a 100 percent stake in Glenmark Life.
Kotak Mahindra Capital Company, BofA Securities India, and Goldman Sachs (India) Securities are global co-ordinators and book running lead managers to the issue. DAM Capital Advisors, BOB Capital Markets, and SBI Capital Markets are book running lead managers to the issue.
