Gland Pharma IPO opens on 9th November 2020

Published on Monday, November 9, 2020 by Team

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Gland Pharma IPO opens on 9th November 2020
  • Offer comprises of Fresh Issue of Equity shares aggregating up to Rs 1,250 Cr and Offer for sale of up to 34,863,635Equity Shares
  • Issue size: Rs 6,445 Cr - 6,480 Cr at the respective price bands of Rs 1490 to Rs 1500 per share

The IPO of Gland Pharma which happens to be the largest pharmaceutical IPO in India is looking to raise Rs 6480 crore and the issue is opening today, Monday, November 09, 2020 and will close on November 11, 2020.

The main objects of the fresh issue of Rs 1250 crore is to utilise the funds for funding incremental working capital requirements of the company to the tune of Rs 769.50 crore, for funding capital expenditure requirements of the company to the tune of Rs 168.00 crore and for general corporate purpose.

Hyderabad based Gland Pharma Limited is one of the fastest growing generic injectables-focused companies by revenue in the United States from 2014 to 2019. Gland Pharma sells its products primarily under a business to business (B2B) model in over 60 countries as of June 30, 2020, including the United States, Europe, Canada, Australia, India and the Rest of the world. The company has an extensive track record in complex injectables development, manufacturing and marketing and a close understanding of the related sophisticated scientific, technical and regulatory processes.

Gland Pharma along with its partners had 267 ANDA filings in the United States, of which 215 were approved and 52 were pending approval. Gland Pharma has 7 manufacturing facilities in India, comprising 4 finished formulations facilities with a total of 22 production lines and 3 API facilities with manufacturing capacity for finished formulations of approximately 75.5 crore units p.a.

On last Friday, November 06, the company allocated 12,959,089 equity shares at the upper price band of Rs 1500 per equity shares to 70 anchor investors to raise Rs 1943.86 crore.

Overseas investors including SmallCap World Fund INC, Government of Singapore, The Nomura Trust And Banking Co and Goldman Sachs were few names. On the domestic front, few names which participated in the anchor book includes names like Axis Mutual Fund, SBI Mutual Fund, Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund and Kotak Mutual Fund.

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