Ahead of the IPO, Glenmark Life Sciences raised Rs 454 crore from anchor investorsThe shares of Glenmark Life Sciences, which is the subsidiary of Glenmark Pharmaceuticals, will list on the bourses tomorrow i.e.
August 3.
The Rs 1,513 crore going public (IPO), which was open between July 27 and July 29, was subscribed as much as 44.17 times.
The IPO comprised a fresh problem of Rs 1,060 crore and an offer-for-sale of Rs 453.60 crore by the promoters.
The shares were offered in the rate band of Rs 695-720 per share.Ahead of the IPO, Glenmark Life Sciences raised Rs 454 crore from anchor investors.Glenmark Life Sciences will utilise the earnings from the fresh issue to pay the promoter for spin-off of the API business and to fund its capital investment requirements.Glenmark Life Sciences was integrated in the year 2011.
It is the API (active pharmaceutical active ingredients) subsidiary of Glenmark Pharmaceuticals.
It has more than 120 items in its portfolio and exports APIs to multiple nations in Europe, North America and Latin America.Kotak Mahindra Capital, BofA Securities, Goldman Sachs, DAM Capital, SBI Capital and BoB Capital are the investment lenders to the public concern, whereas KFintech is the registrar to the issue.Brokerage company Anand Rathi had actually given a 'Subscribe' score to the Glenmark Life Sciences IPO, saying the business had leadership in choose high-value non-commercialized APIs in persistent therapeutic locations, strong management and great balance sheet.