Glenmark Life Sciences IPO: Glenmark Pharma approves Rs 1,160 crore IPO; this is what experts say for this share

Glenmark Life Sciences Ltd, a wholly-owned subsidiary of Glenmark Pharmaceuticals Ltd, has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an Initial Public Offer (IPO) to raise Rs 1,160 crore.

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The IPO comprises a fresh issue of up to Rs 1,160 crore and an offer for sale of up to 73.05 lakh equity shares of Rs 2 each of Glenmark Life Sciences Ltd by Glenmark Pharmaceuticals Ltd. The board of directors has accorded its approval for the offer for sale, the company said in a statement. The IPO will be subject to market conditions, receipt of applicable approvals and other considerations.

At 2:25 pm, Glenmark Pharmaceuticals Ltd was trading at Rs 580.85 per share, up by 1.56 per cent on the BSE.

Earlier, technical Expert Rakesh Bansal and Kunal Saraogi had recommended breakout on the Glenmark Pharma shares. Rakesh Bansal said that Glenmark will be heading towards Rs 630 – Rs 640, stop-loss Rs 550. He said that IPO proceeds will reduce the debt burden on Glenmark Pharma and the stock is due for rerating from here on.  
With ANI inputs