Glenmark Life Sciences’ IPO will open for subscription on Tuesday, 27 July, at a price band of Rs 695-720 per share of face value of Rs 2 each. The fresh issue has been reduced to equity shares worth Rs 1,060 crore from the previous Rs 1,160 crore. Similarly, the issue will comprise an offer-for-sale (OFS) of up to 63 lakh shares, from 73.05 lakh shares, earlier. At the higher price band of the issue, Glenmark Life Sciences’ will raise around Rs 1,513.6 crore.
Investors can make bids for a minimum of 20 equity shares and in multiples thereof. Not more than 50 per cent of the offer will be reserved for Qualified Institutional Buyers (QIBs), up to 35 per cent for retail investors and the remaining 15 per cent for Non-Institutional Investors (NIIs). Glenmark Life Sciences is a subsidiary of Glenmark Pharmaceuticals. The average cost of acquisition of equity shares held by promoter selling shareholders is Rs 0.14 per equity share and offer price at the upper end of the price band is Rs 720 per share. The weighted average return on net worth for the last three fiscals is 65.88 per cent.
According to the red herring prospectus (RHP), the finalisation of the basis of allotment with the designated stock exchange will take place on 3 August 2021. The initiation of refunds or unblocking of funds from ASBA accounts will take place on 4 August 2021. While the equity shares will be credited to depository accounts on 5 August 2021. Glenmark Life Sciences will make its stock market debut on 6 August 2021.
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 29th public offering to hit stock exchanges in the current year 2021, and 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.