Glenmark Life Sciences IPO opens July 27, IPO size reduced; plans to sell now 63 lakh shares via OFS

Glenmark Life Sciences would be the fifth IPO so far this month

Glenmark Life Sciences’, a subsidiary of Glenmark Pharmaceuticals, IPO will open for subscription next week on 27 July and close on 29 July 2021. In a notice to exchanges, Glenmark Pharmaceuticals informed that on 19 July 2021, Glenmark Life Sciences had filed the RHP with the Registrar of Companies (ROC), which has been taken on record by the ROC on 20 July 2021. Glenmark Life’s IPO size has been reduced and will now comprise fresh issue of equity shares worth Rs 1,060 crore and offer-for-sale (OFS) of up to 63 lakh equity shares. The anchor investor bid will open one day prior to the IPO opening date, on 26 July 2021. Glenmark Life is likely to make its stock market debut next month, on 6 August 2021.

In the DRHP filed in April, the company had mentioned a fresh issue of Rs 1,160 crore equity shares and offer-for-sale (OFS) of up to 73.05 lakh shares. Upon successful listing, Glenmark Life Sciences will join the likes of Divis Laboratories, Laurus Labs, Shilpa Medicare, Aarti Drugs, and Solara Active Pharma Sciences. Glenmark Life Sciences would be the fifth IPO so far this month, after Clean Science and Technology, GR Infraprojects, Zomato and Tatva Chintan Pharma Chem. Gland Pharma was the last IPO from the pharmaceuticals sector, launched last year in November.

The book running lead managers to the issue will be DAM Capital Advisors Ltd, BOB Capital Markets, and SBI Capital Markets Ltd. The registrar to Glenmark Life Sciences will be KFin Technologies Private Ltd. The global coordinators and book running lead managers to the issue are Kotak Mahindra Capital Company, BofA Securities India and Goldman Sachs (India) Securities Pvt Ltd, according to DRHP. The equity shares are proposed to be listed in BSE and National Stock Exchange. The average industry PE ratio stands at 31.1x. And the weighted average return on net worth for fiscals 2018, 2019 and 2020 stands at 72.05 per cent.

In DRHP, filed in April this year, Glenmark Life Sciences proposed to utilise the net proceeds from the issue towards payment of outstanding purchase consideration to the promoter for the spin-off of the API business from the promoter into the company. The company has also planned to use the proceeds towards funding the capital expenditure requirements and general corporate purposes. The amount utilised for general corporate purposes cannot exceed 25 per cent of the net proceeds of the fresh issue.

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