Glenmark Life Sciences Limited (GLS), a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, plans to open its Initial Public Offering (Offer) on July 27, 2021.

The Price Band of the Offer has been fixed at Rs695 to Rs720 per Equity Share. Bids can be made for a minimum of 20 Equity Shares and in multiples of 20 Equity Shares thereafter.

The offer consists of equity shares of face value of Rs 2 each of Glenmark Life Sciences Limited (Equity Shares) comprising a fresh issue of Equity Shares aggregating to Rs1060 crore and an offer for sale of up to 6,300,000 Equity Shares by Glenmark Pharmaceuticals Limited.

The company proposes to utilise the net proceeds from the fresh issue towards payment of outstanding purchase consideration to the promoter for the spin-off of the API business from the promoter into the company pursuant to the Business Purchase Agreement dated October 9, 2018; funding the capital expenditure requirements; and general corporate purposes. 

Kotak Mahindra Capital Company Limited, BofA Securities India Limited and Goldman Sachs (India) Securities Private Limited are the Global Co-ordinators and Book Running Lead Managers to the Offer. DAM Capital Advisors Limited (Formerly known as IDFC Securities Limited), BOB Capital Markets Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the Offer.

The Equity Shares to be offered through the Red Herring Prospectus are proposed to be listed on BSE and NSE.

The ompany currently operate four multi-purpose manufacturing facilities which are situated on leasehold properties located at Ankleshwar and Dahej in the state of Gujarat, India, and Mohol and Kurkumbh in the state of Maharashtra, India with an aggregate annual total installed capacity of 726.6 KL as of March 31, 2021.

For the financial years 2021, 2020 and 2019, its total expenditure for R&D activities was Rs. 40.52 crore, Rs. 40.03 crore and Rs. 37.57 crore, or 2.15%, 2.60% and 2.67% of its total revenue from operations respectively.

As of May 31, 2021, the company had filed 403 Drug Master Files ("DMFs") and Certificates of suitability to the monographs of the European Pharmacopoeia ("CEPs") across various major markets (i.e. United States, Europe, Japan, Russia, Brazil, South Korea, Taiwan, Canada, China and Australia). The company owned or co-owned 39 granted patents and had 41 pending patent applications in several countries and six pending provisional applications in India.

The company sales customer products in both regulated markets and emerging markets. For the financial years 2021, 2020 and 2019, its revenue from regulated market products was Rs. 1,237.41 crore, Rs. 1,096.62 crore and Rs. 968.51 crore, or 65.64%, 71.33% and 68.93% of its total revenue from operations respectively.