Glenmark Life Sciences IPO price band fixed at Rs 695-720, to raise Rs 1,513.6 crore

Glenmark Life Sciences, the subsidiary of pharma major Glenmark Pharmaceuticals, will open its initial public offering for subscription on July 27. This is the 29th public offering to hit Dalal Street in the current year 2021. The price band for the offer, which will close on July 29, has been fixed at Rs 695-720 per equity share, as per the information available in daily business newspapers. The IPO comprises a fresh issue of Rs 1,060 crore and an offer for sale of 63 lakh equity shares by promoter Glenmark Pharmaceuticals. The fund raising comes to Rs 1,513.6 crore at a higher price band.

The company will utilise fresh issue proceeds for payment of outstanding purchase consideration to the promoter for the spin-off of the API business from the promoter into the company pursuant to the Business Purchase Agreement dated October 9, 2018 (Rs 800 crore), and funding capital expenditure requirements (Rs 152.76 crore).