Public Market

IPO

Glenmark Life Sciences raises Rs.454-Cr from 19 anchor investors

MoneyControl  

Glenmark Life Sciences, a manufacturer of non-commoditized Active Pharmaceutical Ingredients (APIs), has raised INR 454 crore from anchor investors ahead of its initial share sale. The company has decided to allocate 63,06,660 equity shares to 19 anchor investors at INR 720 a share, aggregating to INR 454 crore. HSBC Global Investment Funds, Government Pension Fund Global, Oaktree Emerging Markets Equity Fund LP, Copthall Mauritius Investment Ltd -ODI account, Societe Generale-ODI, Kuber India Fund and Reliance General Insurance Company are among the anchor investors. At a price band of INR 695-720 a share, the IPO will have a fresh issue of equity shares worth up to INR 1,060 crore and sale of up to 63 lakh equity shares by Glenmark Pharma. The proceeds will be used towards payment of outstanding purchase consideration to the promoter for the spin-off of the API business and funding capital expenditure requirements. At the upper end of the price band, the IPO will fetch INR 1,513.6 crore. Goldman Sachs (India) Securities, SBI Capital Markets, Kotak Mahindra Capital, BofA Securities India, DAM Capital Advisors and BoB Capital Markets are the lead managers to the issue.