Pharma company Glenmark to launch IPO, documents submitted to SEBI

Initial Public Offer

Initial Public Offer

Glenmark Life Sciences filed DRHP on Saturday with market regulator SEBI for its IPO.

New Delhi. Another pharma company is preparing to make its presence felt in the stock market. Pharma company Glenmark Pharmaceuticals said on Saturday that its wholly owned company, Glenmark Life Sciences Ltd, has submitted documents to market regulator SEBI (SEBI) for an initial public offer (IPO).

The company said in a regulatory notice that Glenmark Life Sciences has submitted a draft Red Herring Prospectus (DRHP) to the capital market regulator SEBI for an IPO. The regulatory information stated that the Glenmark Pharmaceuticals Ltd unit would sell its two-rupee face value of 73,05,245 shares of Glenmark Life Sciences Ltd through a market sale (OFC) and offer new shares of Rs 1,160 crore.

The board of directors of Glenmark Pharmaceuticals Ltd, in its meeting held on 16 April, approved the sale offer of 73,05,245 equity shares valued at Rs 2 per share as part of the IPO.

This is the company’s balance sheetThe company’s total income stood at Rs 1549.30 crore in FY20, compared to only Rs 886.87 crore a year ago. Net profit of the company during this period was Rs 313.10 crore as against Rs 195.59 crore in the previous year. The total debt on the company as of December 2020 was Rs 947.44 crore.

This company does business
Glenmark Life Science manufactures raw materials used in medicine. The company is among the leading companies manufacturing high value non-commoditized active pharmaceutical ingredients in the country. The company produces APIs used to manufacture medicine to treat chronic therapeutic areas.

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