Glenmark Life Sciences’ Rs 2,000 Crore IPO Filing Next Month

The much-awaited Glenmark Life Sciences’ initial public offer (IPO) might get bigger. It is reliably learnt that the parent firm Glenmark Pharmaceuticals is likely to raise around Rs 2,000 crore and they plan to file the prospectus before the SEBI sometime in April or May with a float likely in June 2021. Reportedly, Glenmark Pharmaceuticals had tried to sell minority stake in its API (active pharmaceutical ingredient) business a while ago but due to depressed market conditions those off-market deals never progressed beyond a point. Glenmark Pharma’s CMD Glenn Saldanha has a clear vision of unlocking value of its API business. In keeping up with this vision, the parent firm Glenmark Pharma had transferred its API business to Glenmark Lifesciences in December 2018. Today, Glenmark Lifesciences partners the world’s top 20 generic companies to supply over 130 APIs produced at its five state-of-the-art plants in the country. It has more than 700 customers across 65 countries. All these are visible in the company’s third quarter FY21 topline. It has posted consolidated revenue of Rs 501 crore as against Rs 409 crore previous year, a growth of 22.35%. Given its strong parentage, the retail investors will be keenly waiting for this IPO.