The company will issue fresh equity worth Rs 1,060 crore with a face value of Rs 2 each and an offer for sale (OFS) by its existing promoter
which is offloading 63 lakh equity shares.
At the higher end of the price band, the company is expected to raise Rs 1,513.6 crore via its initial shale sale. The promoter holds 100 per cent stake in the company.
The company will utilise fresh issue proceeds for payment of outstanding purchase consideration to the promoter for the spin-off of the API business and funding capital expenditure requirements.
Investors can bid for a minimum of 20 equity shares and in multiples of 20 equity shares thereafter. The issue will close for subscription on July 29, Thursday.
Up to 50 per cent of the total offer is reserved for qualified institutional buyers and 15 per cent for non-institutional investors. The remaining 35 per cent stake is allocated to retail investors.
The company has appointed Kotak Mahindra Capital Company, BofA Securities India and Goldman Sachs (India) Securities as their global co-ordinators and BRLMs.
DAM Capital Advisors (erstwhile known as IDFC Securities), BOB Capital Markets and SBI Capital Markets will manage the issue. KFin Technologies has been appointed as the registrar of the issue.
Shares of the company will be listed on both BSE and NSE.
The company has strong market share in select APIs such as chronic therapeutic areas, including cardiovascular disease (CVS), central nervous system disease (CNS), pain management and diabetes.
According to the company, it has a strong market share in specialized APIs including Telmisartan (anti-hypertensive), Atovaquone (anti-parasitic), Perindopril (antihypertensive), Teneligliptin (diabetes), Zonisamide (CNS) and Adapalene (dermatology).
The listed peers of Glenmark Life Sciences include players like Divis Laboratories, Laurus Labs, Shilpa Medicare, Aarti Drugs, and Solara Active Pharma Sciences.
