Glenmark Life Science Ltd has declared the price band for its initial public offering at Rs 695-720 per share.
The IPO will consist of a new issue of Rs 1060 crore and an offer for sale of up to 6.30 million shares by Glenmark Pharmaceuticals Ltd. The company will raise approximately Rs 1513.60 crore at the upper band of the issue price.
On Tuesday, its parent Glenmark Pharmaceutical Ltd announced in a notice to exchanges that Glenmark Life IPO will open on 27 July and close on 29 July. Glenmark Life Sciences is in the business of manufacturing active pharmaceutical ingredients (API). Its portfolio comprises 120 products. Currently, Glenmark Pharma holds a 100 per cent stake in the company.
The anchor investor bid will start on 26 July, and it may be listed on exchanges on 6 August. Goldman Sachs, Kotak Mahindra Capital, Bofa Securities, DAM Capital, BoB Caps and SBI Capital Markets lead managers to the issue.
Proceeds from the new issue worth Rs 900 crore will be used to pay outstanding purchase consideration to the promoter for the spin-off of the API business. The remaining amount will be used for funding capital expenditure requirements.
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