Glenmark Life Sciences Limited IPO

Incorporated in 2011 as ‘Zorg Laboratories Private Limited’ but in 2018 it was acquired by Glenmark Pharmaceuticals and the name of the company was renamed as Glenmark Life Sciences. It is a leading developer and manufacturer of non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas which include central nervous system disease (CNS), cardiovascular disease (CVS), pain management, and diabetes.

Glenmark life sciences products are enabled by high standards of quality and process innovation. The products are sold in both regulated and emerging markets. As of 31st December 2020, it had a portfolio of 120 molecules globally and the API products were sold in India as well as outside India like in North America, Latin America, Europe, Japan, and many more.

It currently operates 4 multi-purpose manufacturing facilities on leasehold properties in Ankleshwar and Dahej in Gujarat and Mohol and Kurkumbh in Maharashtra. As of 31st December 2020, the aggregate annual installed capacity was 725.8 KL.

The promoter of the company is Glenmark Pharmaceuticals Limited.

Strengths of the Company

Strong relationships with leading global generic companies
Quality-focused compliant manufacturing and R&D infrastructure
Strong focus on sustainability in operations
Cost leadership across products through careful monitoring and continuous effort

Purpose of the IPO

Payment of the outstanding purchase consideration for the spin-off API business
To fund the capital expenditure requirements
For general corporate purposes

Financial Performance of the Company

	For the nine-month period ended 31st December 2020	FY 2020	FY 2019	FY 2018
Total Revenue	1,418.47	1,549.30	1,405.49	1,202.15
Total Expenses	1,088.15	1,128.23	1,001.65	892.76
Profit After Tax	246.89	313.09	292.67	229.37
Total Assets	1,956.57	1,725.60	1,475.39	1,237.43

*All the values are in crores and as per DRHP.

Valuation of the Company

	For the nine-month period ended 31st December 2020	FY 2020	FY 2019	FY 2018
Basic Earnings per Share (EPS)	22.90	29.04	27.15	21.28
Diluted Earnings per Share (EPS)	22.90	29.04	27.15	21.28
Return on Net Worth (%)	38.11%	77.94%	332.11%	100.36%
Net Assets Value per Equity share	60.10	37.26	8.17	21.20

*As per DRHP.

Glenmark Life Sciences Limited IPO DRHP

IPO details

Face Value	₹2 per equity share
Market Lot	20 Shares
Minimum Order Quantity	20 Shares
Price Band	₹695- ₹720 per equity share
Issue type	Book Built Issue IPO
Issue Size	₹1,513.60 Crores
Fresh Issue	₹1,060 Crores
Offer for Sale	₹453.60 Crores
Listing	NSE, BSE

Important IPO dates

Open Date	27th July 2021
Close Date	29th July 2021
Basis of Allotment Date	03rd August 2021
Initiation of Refunds	4th August 2021
The credit of shares to Demat Account	5th August 2021
Listing Date	6th August 2021

Allocation Quota

Category	Portion
Qualified Institutional Buyers (QIBs)	Not more than 50%
Non- Institutional Buyers (NIIs)	Not less than 15%
Retail Investors	Not less than 35%

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