News Update

Glenmark Life Sciences IPO To Open Today

• ByAyushi Ray     |    July 27, 2021

Glenmark Life Sciences IPO to open today, and continue till  July 29 and the company has fixed a price band of ₹695-720 a share for its initial share sale. The Glenmark Life Sciences IPO will fetch ₹1,513.6 crore at the upper end of the price band,  according to a PTI report. Glenmark Life Sciences share sale consists of a fresh issue of equities worth ₹1,060 crore and an offer for sale by promoter Glenmark Pharmaceuticals for ₹453 crore. HSBC Global Investment Funds, Government Pension Fund Global, Oaktree Emerging Markets Equity Fund LP, Copthall Mauritius Investment Ltd-ODI account, Societe Generale-ODI, Kuber India Fund and Reliance General Insurance Company are among the anchor investors. The equity shares of the company will be listed on BSE and NSE and the expected date of listing is August 6. Glenmark Pharmaceuticals shares on Monday settled at ₹667.90, down 2.05 per cent from the previous close. 

Glenmark Life Sciences, is  a branch of Glenmark Pharmaceuticals, and specialises in developing and manufacturing select high value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, which include  cardiovascular disease, central nervous system disease, pain management and diabetes. Glenmark Life Sciences also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives and other therapeutic areas. Glenmark Pharmaceuticals entered API manufacturing in 2001-02 with a facility in Maharashtra’s Kurkumbh. “The capacity expansion is on the back of our plan to enter more regulated growth markets like Brazil, Mexico, Russia, Korea, Taiwan and Saudi Arabia,” Glenmark Life Sciences chief executive and managing director Yasir Rawjee told PTI. 

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