The initial public offering (IPO) for Glenmark Life Sciences will open on 27 July. The company has also announced the price band at Rs 695-720 per equity. The IPO will be the issuance of fresh equity of Rs 1,060 crore and an offer for sale (OFS) of 6.3 lakh shares from the parent company, Glenmark Pharma who has a 100 percent stake in Glenmark Life Sciences.
The subscription will end on 29 July and the shares of the company will be listed on both the BSE and NSE.
Qualified institutional buyers will have the first choice on half of the total issue, 35 percent of equity shares have been reserved for retail investors, and the remaining 15 percent for non-institutional investors. The company will be looking to raise up to Rs 1,513.6 crore, a significant portion of which will go towards reducing the debt burden on Glenmark Pharma.
It is reported that Rs 900 crore will be given to Glenmark Pharma and Rs 152.76 crore will fund Glenmark Life Science's capital expenditure requirements.
The reports of the IPO had first surfaced in June.
Glenmark Life Sciences is the active pharmaceutical ingredient arm of Glenmark Pharma, responsible for manufacturing key ingredients required in other drugs and medicines.
The company already counted 120 products in its portfolio in December and planned to expand beyond Europe, North America, Latin America, and Japan.