The Rs 1,600-crore initial public offering of Glenmark Life Sciences (GLS), a unit of
NSE -2.19 %, is likely to be launched later in July, said investment banking sources. The company filed an updated draft red herring prospectus (DRHP) last week.
Glenmark wants the issue to hit the primary markets next week, said banking sources. An email query to Glenmark Pharma remained unanswered.
The initial public offering (IPO) comprises a fresh issue of Rs 1,160 crore and sale of 7.3 million shares by listed promoter Glenmark Pharmaceuticals. Glenmark Life would be the fifth IPO to be launched in July after GR Infraprojects, Clean Science and Technology, Zomato and Tatva Chintan Pharma.
Since its listing, Gland shares have returned 164%.