INSUBCONTINENT EXCLUSIVE:
Glenmark Life Sciences manufactures and exports active pharmaceutical ingredientsGlenmark Life Sciences' initial public offering (IPO) will
open on July 27, 2021, Glenmark Pharma said in a regulatory filing to the stock exchanges
Glenmark Life Sciences is the API (active pharmaceutical ingredients) arm of Glenmark Pharmaceuticals
The public offering will close on July 29 and the shares are likely to be listed on the bourses on August 6.The anchor investors segment
will be open for bidding for a day on July 26.The IPO 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, Glenmark Life Sciences
said in its draft red herring prospectus filed with the market regulator Sebi.The IPO proceeds will be used for paying outstanding purchase
consideration to the promoter for the spin-off of the API business, funding capital expenditure requirements and for general corporate
purposes,Glenmark Life Sciences is in the business of manufacturing and exporting active pharmaceutical ingredients (API)
It has a portfolio consisting of more than 120 products and exports APIs to multiple countries in Europe, North Americaand Latin
America.Kotak Mahindra Capital, BofA Securities, Goldman Sachs, DAM Capital, SBI Capital and BoB Capital are the investment bankers to the
public issue, whereas KFintech is the registrar to the issue.
