INSUBCONTINENT EXCLUSIVE:
Glenmark Life Sciences is API (active pharmaceutical ingredients) arm of Glenmark PharmaceuticalsGlenmark Life Sciences' initial public
offering (IPO) will open tomorrow i.e
The IPO, which will remain 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 Pharmaceuticals, which currently holds a 100 per cent stake in Glenmark Life Sciences
The shares of the a wholly-owned subsidiary of Glenmark Pharmaceuticals are likely to be listed on the BSE and NSE on August 6.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,
band, Glenmark Life Sciences is offered at 25.09x its FY21 earnings, with a market cap of Rs 88,219 million," brokerage firm Anand Rathi
said in a note to its investors."Given the company's leadership in select high value non-commercialized APIs in chronic therapeutic areas,
cost leadership, strong management, strong balance sheet, growing business, high RoNW of 46.71 per cent in the fiscal ended March 31, 2021
and reasonable valuations, we give this IPO a "Subscribe" rating," Anand Rathi added.
