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Gland Pharma Ltd. has filed a Draft Red Herring Prospectus with SEBI for its proposed initial public offering (IPO).
The IPO comprises of a fresh issue aggregating up to ₹12,500 million and an offer for sale of up to 34,863,635 equity shares, including up to 19,368,686 equity shares by Fosun Pharma Industrial Pte. Ltd; 10,047,435 equity shares by Gland Celsus Bio Chemicals Private Ltd.; 3,573,014 equity shares by Empower Discretionary Trust; and up to 1,874,500 equity shares by Nilay Discretionary Trust, according to a release.
Incorporated in 1978, Hyderabad-based Gland Pharma develops, manufactures and markets complex injectables across its seven manufacturing facilities- four at Hyderabad and three at Visakhapatnam, Andhra Pradesh.
It has established a portfolio of products across various therapeutic segments such as anti-diabetic, anti-infectives, anti-malaria, anti-neoplastics, blood-related, cardiac, gastro-intestinal and hormones through a combination of delivery systems including liquid vials, lyophilized vials, pre-filled syringes, ampoules, bags and drops.
Gland Pharma “is one of the fastest growing generic injectables” focused companies by revenue in the United States from 2014 to 2019, according to IQVIA Report.
It sells products primarily under a business to business (“B2B”) model in over 60 countries as of March 31, including the United States, Europe, Canada, Australia, India and rest of the world.
“The company has a consistent compliance track record with a range of regulatory authorities across these markets,” the release said.
As of March 31, Gland Pharma employed 3,791 people across its facilities in India.
The Book Running Lead Managers to the IPO are Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Haitong Securities India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited.
The equity shares are proposed to be listed on BSE and NSE.
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