21 Jul , 2021 By : Kanchan Joshi
Mumbai: Glenmark Life Sciences Ltd has fixed the price band for its initial public offering at Rs695-720 per share.
The IPO will consist of a fresh issue of rs1060 crore and an offer for sale of up to 6.30 million shares by Glenmark Pharmaceuticals Ltd. The company will raise approximately Rs1513.60 crore at the upper band of the issue price.
Earlier on Tuesday, its parent Glenmark Pharmaceutical Ltd announced in a notice to exchanges that Glenmark Life IPO will open on 27 July and close on 29 July.
Glenmark Life Sciences is in the business of manufacturing active pharmaceutical ingredients (API). Its portfolio comprises 120 products. Currently, Glenmark Pharma holds a 100% stake in the company.
The anchor investor bid will start on 26 July, and it may be listed on exchanges on 6 August.
Goldman Sachs, Kotak Mahindra Capital, Bofa Securities, DAM Capital, BoB Caps and SBI Capital Markets are the lead managers to the issue.
Proceeds from the fresh issue worth Rs900 crore will be used for the payment of outstanding purchase consideration to the promoter for the spin-off of the API business. The remaining amount will be used for funding capital expenditure requirements.
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