Gland Pharma Ltd, the Hyderabad-based company in which Hong Kong-listed Fosun Pharma is a major stakeholder, has received SEBI nod for a ₹6,000 crore initial public offering. While there has been no official confirmation, sources said the company’s draft red herring prospectus filed with SEBI has been approved.

This will be one of the big listings in the pharma sector in the country at a time when the sector is passing through a strong business cycle.

Wide product range

Founded in 1978, Gland Pharma develops, manufactures and markets complex injectables across its seven manufacturing facilities, four at Hyderabad and three at Visakhapatnam, in India. Gland Pharma has established a portfolio of products across 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, lyophilised vials, pre-filled syringes, ampoules, bags and drops.

In 2017, Fosun Pharma had acquired 74 per cent stake in Gland Pharma for $1.09 billion, wherein PE firm KKR divested its holding.

The IPO comprises of a fresh issue aggregating up to ₹1,250 crore and an offer-for-sale of up to 3.486 crore shares – 1.936 crore shares by Fosun Pharma Industrial Pte Ltd, one crore shares by Gland Celsus Bio Chemicals, 35.73 lakh shares by Empower Discretionary Trust and 18.74 lakh shares by Nilay Discretionary Trust.

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