Glenmark Life’s Rs 1,600-cr issue may open next week

The Rs 1,600-crore initial public offering of Glenmark Life Sciences (GLS), a unit of

Glenmark Pharmaceuticals

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.

The last IPO from the pharmaceutical sector was from Gland Pharma, which raised Rs 6,480 crore in November 2020.

Since its listing, Gland shares have returned 164%.

Glenmark Life Sciences is a developer and manufacturer of highvalue, non-commoditised APIs (active pharmaceutical ingredients). Its products are used to treat illnesses linked to cardiovascular, central nervous system therapy, diabetes and anti-infectives.

Analysts said post-Covid, there has been a shift in the global dynamics of the pharmaceutical world. The Asia-Pacific API market is evaluated as the fastest growing market with India and South Korea developing as key hubs for outsourcing drug manufacturing. China is the world’s leading producer of APIs.

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