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.
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.
Also read: Gold Price Today: Increase in gold prices by 6% in 15 days, will it again become expensive by Rs 56,000 per 10 grams?Know about the company
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.