Glenmark Pharma share price: Expert says HUGE value unlocking; reveals two BUY targets

Glenmark Life Sciences Limited, a wholly owned subsidiary of Glenmark Pharmaceuticals filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offer, comprising of a fresh issue of up to Rs 116 cr  and an offer for sale of up to 7,305,245 equity shares of ₹2 each of Glenmark Life Sciences Limited, by Glenmark Pharmaceuticals Limited (“Offer”). The IPO will be subject to market conditions, receipt of applicable approvals and other considerations.

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Glenmark Share price soared over 6% yesterday to close at Rs 570, up Rs 33 or over 6%. Glenmark share price has moved from Rs 513 to Rs 570, over 11% in the last 1 week. Glenmark Pharma did witness some attention as the volumes on the stock were surging in yesterday’s trade.

In the closing session with Anil Singhvi Yesterday, Technical Expert Rakesh Bansal and Kunal Saraogi had recommended breakout on the Glenmark Pharma.

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. It is a Big development for Glenmark Pharma.