IPO (initial public offering) | Photo Credit: Ildo Frazao
Glenmark Life Sciences Limited, a wholly-owned subsidiary of Glenmark Pharmaceuticals Limited, has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer.
The company plans to raise ₹1,160 crore with an Offer For Sale of up to 7,305,245 equity shares of ₹2 each of Glenmark Life Sciences Limited. The board of directors of Glenmark Pharmaceuticals Limitedon Friday approved the OFS.
Glenmark Pharma holds 100 per cent stake in Glenmark Life Sciences, which is primarily into manufacturing and marketing of Active Pharmaceutical Ingredients (APIs). It has a product portfolio of more than 130 APIs and a catalogue of over 270 inventions. The firm, which supplies APIs to more than 700 customers across 65 countries, also develops 10-12 new products every year. Glenmark Life Sciences has manufacturing operations in Gujarat and Maharashtra. The firm has a production capacity of about 450 tonnes per annum. Its EBITDA margin for the first 9 months of FY21 stood at 29.78 per cent.
Published on April 17, 2021
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