The company will issue new shares valued at Rs 1,060 crore with a face value of Rs 2 each and an offer to sell (OFS) by its existing promoter
which discharges 63 lakh capital shares.
At the higher end of the price bracket, the company is expected to increase Rs 1,513.6 crore through its initial shale sale. The promoter owns 100% of the company’s capital.
The company will use the new proceeds from the issue to pay the unpaid purchase consideration to the promoter for the API business split and to fund capital expenditures.
Investors can bid on a minimum of 20 shares and in multiples of 20 shares thereafter. The issue will be closed to subscriptions on July 29, Thursday.
Up to 50 percent of the total supply is reserved for qualified institutional buyers and 15 percent for non-institutional investors. The remaining 35 percent is allocated to retail investors.
The company has appointed Kotak Mahindra Capital Company, BofA Securities India and Goldman Sachs (India) Securities as global coordinators and BRLM.
DAM Capital Advisors (formerly IDFC Securities), BOB Capital Markets and SBI Capital Markets will manage the issue. KFin Technologies has been named the show’s registrar.
The company’s shares will be listed on both the BSE and the NSE.
The company has a strong market share in certain APIs such as chronic therapeutic areas including cardiovascular disease (CVD), central nervous system (CNS) disease, pain management and diabetes.
According to the company, it has a strong market share in specialty APIs, including telmisartan (antihypertensive), atovaquone (antiparasitic), perindopril (antihypertensive), teneligliptin (diabetes), zonisamide (CNS) and adapalene (dermatology).
Glenmark Life Sciences’ listed peers include players such as Divis Laboratories, Laurus Labs, Shilpa Medicare, Aarti Drugs, and Solara Active Pharma Sciences.