Glenmark Life Sciences Ltd. IPO Opens Today: Here’s All You Need to Know

By Angel One | Published on 27th July 2021 | 189

Glenmark Life Sciences Ltd. IPO Opens Today: Here’s All You Need to Know

The initial public offering of Glenmark Life Sciences opens today, 27 July 2021, with a price band of Rs. 695 – Rs. 720 each share. Glenmark IPO is set to close on Thursday, 29 July 2021.

The company, a wholly-owned subsidiary of Glenmark Pharmaceuticals, is one of the major producers of Active Pharmaceutical Ingredients (APIs). Established in 2011, Glenmark Life Sciences deals with developing, manufacturing and supplying top-quality APIs for diabetes, cardiovascular diseases, central nervous system, gastrointestinal disorders, and pain management.

It has 4 manufacturing units at Dahej and Ankleshwar of Gujarat and Mohol and Kurkumbh in Maharashtra. As of 31 December, 2020, its annual aggregate production capacity stood at 725.8 KL.

What are the Objectives of the Issue?

Glenmark intends to raise funds through its IPO to:

  • Meet capital expenditure requirements
  • Pay for the outstanding purchase consideration to the promoter, and
  • Meet general corporate expenses

Competitive Strengths

Before going into the details of Glenmark IPO, let’s take a look at some of the competitive strengths of this company:

  • Glenmark products have a massive international market with exports to countries like Japan, North America, Europe, Latin America and more.
  • Robust business relationship with other major global generic companies.
  • Superior quality product manufacturing through developed R&D infrastructure.
  • Consistently impressive financial performance.

Important Details About Glenmark IPO

Here’s a list of some of the crucial details about Glenmark IPO that you must be aware of:

  1. IPO opening date: 27 July 2021
  2. IPO closing date: 29 July 2021
  3. Face value: 2 for each equity share
  4. Market lot: 20 shares
  5. Minimum order quantity: 20 shares
  6. Issue size: Equity shares of Rs. 2 that aggregate to Rs. 1,513.60 crores
  7. Offer for sale: Total of 63,00,000 equity shares with an aggregate of Rs. 453.6 crores
  8. Fresh issue: Aggregating up to Rs. 1,060 crores

Timeline for Glenmark IPO

While these dates are not confirmed yet, the following is a tentative timeline of Glenmark’s IPO:

  • Basis of allotment is on 3 August 2021
  • Credit of shares to Demat account is on 5 August 2021
  • Initiation of Refunds to take place on 4 August 2021
  • IPO listing will happen on 6 August 2021

Bottom Line

Glenmark Life Sciences has a clean regulatory track record and maintained a solid financial performance over the years. As per company sources, half of the issues have been reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.

Several noted experts have given Glenmark’s IPO a subscribe rating. As per early predictions, the company can expect about 25% to 35% listing gains.

For more such interesting news and updates about the world of finance and the stock market, make sure to check out the Angel One blogs.

 

Frequently Asked Questions

  1. Where will Glenmark IPO be listed

It will be listed on both NSE and BSE.

  1. What is the maximum number of shares that a retail investor can apply for?

13 lots or 260 shares

  1. What is the issue type of Glenmark IPO?

Book built issue IPO