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Glenmark Life Sciences IPO: Subscription begins today, Check price band and GMP

Glenmark Life Sciences IPO, Glenmark Life Sciences GMP: Glenmark Life Sciences IPO is open for subscription. The grey market premium is currently at 20 per cent premium. 

India TV Business Desk India TV Business Desk
Mumbai Published on: July 27, 2021 10:24 IST
glenmark life sciences ipo
Image Source : GLENMARKLIFESCIENCES.COM

Glenmark Life Sciences IPO

Glenmark Life Sciences IPO Date, Price, GMP: Glenmark Life Sciences IPO will open for subscription today. The price band of Glenmark Life Sciences IPO has been fixed at Rs 695-720 a share. A retail investor can bid for a total of 13 lots. The public issue will close on July 29.

Glenmark Life Sciences IPO will have fresh issue of equity shares worth up to Rs 1,060 crore and sale of up to 63 lakh equity shares by Glenmark Pharma. At the upper end of the price band, the IPO will fetch Rs 1,513.6 crore. Half of the total issue has been reserved for qualified institutional buyers, 35 per cent for retail investors, and remaining 15 per cent for non-institutional investors.

Ahead of the public offer, the company has raised Rs 454 crore from anchor investors. The company has decided to allocate 63,06,660 equity shares to 19 anchor investors at Rs 720 a share, aggregating to Rs 454 crore.

Glenmark Life Sciences GMP

The unlisted shares of Glenmark Life Sciences in the grey market are commanding a premium of 20 per cent. Apiece share is trading at Rs 860-870 in the grey market.

Proceeds from the fresh issue will be used towards payment of outstanding purchase consideration to the promoter for the spin-off of the API business and funding the capital expenditure requirements.

Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals,  is a leading developer and manufacturer of select high value, non-commoditised active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management and diabetes. The company also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives and other therapeutic areas.

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