Great earning opportunity! Pharma company Glenmark Life Sciences to launch IPO, will issue shares worth Rs 1,160 crore

Glenmark Life Sciences

Glenmark Life Sciences

New IPO: Glenmark Life Sciences filed a Red Herring Prospectus (DRHP) on Saturday with market regulator SEBI for its IPO. Explain that the company will issue a fresh share of Rs 1,160 crore for this IPO.

New Delhi. The Indian Stock Exchange will give investors a big opportunity to make big bucks during the April-June 2021 quarter. Meanwhile, many companies are preparing to launch an IPO. Here, another pharma company is ready to make its presence felt in the stock market. Glenmark Life Sciences Ltd, a company producing active pharmaceutical ingredients (API), plans to raise funds from the primary market to expand its business and meet capital requirements. Glenmark Life Sciences filed a Red Herring Prospectus (DRHP) on Saturday with market regulator SEBI for its IPO.

Will issue fresh shares worth Rs 1,160 crore
Glenmark Life Sciences will issue fresh shares of Rs 1,160 crore for this IPO and 73,10,000 equity shares through Offer for Sale (OFS). Glenmark Pharma has a 100% stake in the company. Of the funds raised through fresh shares, the company will use 900 crore rupees to buy API business. The remaining 152.76 crore rupees will be used to meet the needs of capital expenditures.

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Let us know that the API company Glenmark Life Sciences Limited is a subsidiary of Glenmark Pharmaceuticals. The company relies on its API business for revenue. 84.16% of the company in 2019 and 89.87% of the revenue in the year 2020 came from API business. The total income of the company stood at Rs 1549.30 crore in the financial year 2020, compared to only 886.87 crore a year ago. The company’s net profit during this period was Rs 313.10 crore, compared to Rs 195.59 crore in the previous year. As of December 2020, the total debt on the company was Rs 947.44 crore.

Glenmark Life Sciences supplies more than 130 APIs to its more than 700 customers located in 65 countries around the world. It has 3 API manufacturing units in India and has an annual production capacity of over 450 MT. For this IPO, Glenmark Life Sciences has appointed Goldman Sachs, Kotak Mahindra Capital, Bank of America Securities, DAM Capital, Bank of Baroda Capital and SBI Capital Markets as its lead managers.




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