Glenmark Life Sciences Limited IPO: Know latest subscription status, allotment finalisation status check date and other important details

The Initial Public Offering (IPO) Glenmark Life Sciences Limited (GLS) is into the second day of its launch. Zee Business brings for its readers the response it has got till now along with the price wise bid details. GLS is a pharma company which manufactures Active Pharmaceutical Ingredients (APIs).  

As of 1:144 pm on Wednesday, the issue of Glenmark Life Sciences IPO was subscribed 2.10 times. Retail Individual Investors (RIIs) subscribed this issue 3.99 times. The non-institutional investors subscribed 0.46 times. Meanwhile for 42,42,379 shares that are available for the Qualified Institutional Buyers (QIBs), the number of bids received are 16,660.  

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See the Price Wise break-up of bids here: 

Glenmark Life Sciences Limited IPO – Timeline 

• The issue ends on 29 July as per the Edelweiss app 
• The finalisation of allotment is likely to get completed on 4 August 
• The initiation of refunds likely on 5 August 
• The transfer of shares to demat account likely on 6 August 
• Listing of stock likely on 9 August 

Glenmark Life Sciences will 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,” the company has said in a release.  

The proceed of fresh issues will also be used for funding the capital expenditure requirements and general corporate purposes, it further said.  

Glenmark Life Sciences Limited IPO – Key Highlights   

1. The Price Band of the offer has been fixed at Rs 695 to Rs 720 per equity share.  
2. Bids can be made for a minimum of 20 equity shares and in multiples of 20 equity shares thereafter.  
3. The offer consists of equity shares of face value of Rs 2 each of Glenmark Life Sciences Limited   
4. The issue comprises a fresh issue of equity shares aggregating to Rs 1060 cr of the fresh issue and an Offer For Sale (OFS) of up to 6.3 million equity shares by Glenmark Pharmaceuticals Limited (Promoter or Promoter Selling Shareholder).  
5. Issue Type - This Offer is being made through a Book Building Process.  
6. 15 per cent of the offer will be available for allocation to Non-Institutional Bidders  
7. 35 per cent of the offer shall be available for allocation to Retail Individual Investors. 

The Global Co-ordinators and Book Running Lead Managers (BRLM) to the offer include Kotak Mahindra Capital Company Limited, BofA Securities India Limited and Goldman Sachs (India) Securities Private Limited. 

DAM Capital Advisors Limited (Formerly known as IDFC Securities Limited), BOB Capital Markets Limited and SBI Capital Markets Limited are the BRLM to the offer.