The initial public offering (IPO) of Glenmark Life Sciences opened for subscription on Tuesday. The company is an active pharmaceutical ingredients (API) arm of Glenmark Ltd. The Rs 1,513.6-crore IPO has a price band of Rs 695-720 per share and will close on July 29.
Kotak Mahindra Capital Company, BofA Securities India and Goldman Sachs (India) Securities are the global co-ordinators and book-running lead managers to the offer.
Here are the key things to know before investing in the issue:
About Glenmark Life Sciences
Glenmark Life Sciences, a wholly-owned subsidiary of Glenmark Pharmaceuticals, is a developer and manufacturer of select high-value, non-commoditised active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease (CVS), central nervous system disease (CNS), pain management and diabetes.
It currently operates four multi-purpose manufacturing facilities which are situated on leasehold properties located at Ankleshwar and Dahej in the state of Gujarat, India, and Mohol and Kurkumbh in the state of Maharashtra, India with an aggregate annual total installed capacity of 726.6 KL as of March 31, 2021.
The company intends to increase its API manufacturing capabilities by enhancing the existing production capacities at its Ankleshwar facility during the financial year 2022 and its Dahej facility during the financial years 2022 and 2023 by an aggregate annual total installed capacity of 200 KL.
As of March 31, 2021, Glenmark Life Sciences had a portfolio of 120 molecules globally and sold their APIs in India and exported their APIs to multiple countries in Europe, North America, Latin America, Japan and the rest of the world (ROW).
Glenmark Life Sciences reported a net profit of Rs 351.58 crore and revenue of Rs 1,885.16 crore in FY21, against a profit of Rs 313.09 crore and a revenue of Rs 1,537.31 crore in FY20. Profit in the financial year FY19 stood at Rs 195.59 crore on revenue of Rs 886.42 crore.
Source: ICICI Direct
Promoters & Management
Glenmark Pharmaceuticals is the promoter of the company and holds 100 percent of the pre-offer stake in Glenmark Life.
Glenn Saldanha is the chairman and non-executive director of the company. VS Mani is a non-executive director of the company.
Yasir Rawjee is the managing director and chief executive officer, while Sumantra Mitra is the executive director and vice president – human resources department.
Sridhar Gorthi, Manju Agarwal, Taruvai Laxminarayanan Easwar, and Gita Nayyar are independent directors on the board.
Bhavesh Pujara is the senior vice president and chief financial officer of the company.
Source: Anand Rathi
Allotment and listing
The company's IPO share allotment is likely to be finalised around August 3, and the funds will be refunded or unblocked from ASBA account around August 4, 2021.
Eligible investors will get their shares in their Demat accounts around August 5, and shares will be listed on the exchanges on August 6.
First Published: IST