Initial Public Offerings (IPOs) have been in the news quite frequently of late, particularly in the cases of Zomato and Paytm recently launching theirs. For those that may be new to the concept of an IPO, it is basically the process via which a private company opens up its shareholding to the public by the issue of shares, thereby becoming a public company.
Recently, Glenmark Life Sciences Ltd. also announced its IPO. Glenmark Life Sciences Ltd. engages in the manufacture of non-commoditized APIs (Active Pharmaceutical Ingredients) and is a subsidiary of Glenmark Pharmaceuticals. Here is some vital information on the company’s upcoming IPO.
Glenmark Life Sciences IPO : Price Band
The shares of the company will be open for subscription starting on July 27, 2021, and will close on July 29, 2021. The IPO will comprise a fresh offer of Rs 1,060 crore, with an offer for sale of 63 lakh shares by Glenmark Pharmaceuticals. The price band for the company’s upcoming IPO has been determined to be placed at Rs 695 to Rs 720 per equity share. At the lower end of the price band, the company is looking to raise Rs 1497.85 crore, whereas the goal stands at Rs 1513.6 crore at the higher end.
Glenmark Life Sciences IPO : Lot Size
Investors can opt to subscribe to a minimum of 20 equity shares from the issue, and thereafter they may subscribe in multiples of 20 shares. A minimum of Rs 14,400 per lot and a maximum of Rs 1,87,200 for 13 lots are the limits set for retail investors who are looking to bid.
Glenmark Life Sciences IPO : Category Wise Reserve Portion
After consultation with merchant bankers, the company has decided to reserve 50% of the initial offer for qualified institutional buyers, followed by a 35% reservation for retail individual bidders and a 15% reservation for non-institutional bidders.
Glenmark Life Sciences IPO : Allotment and Listing
The allotment of shares will be finalized by the company around August 3, 2021. With the exception of anchor investors, all bidders are required to use the ASBA (Applications Supported by Blocked Amount) process and the funds would be unblocked from the ASBA account around August 4. All eligible investors would get their shares reflecting in their Demat account around August 5, 2021.
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