Categories: Business

Gland Pharma files papers for IPO | Gland Pharma submits documents for IPO, plans to raise Rs 5,000 crore from market

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Gland Pharma files papers for IPO

new Delhi. Hyderabad-based Gland Pharma has submitted the necessary documents to market regulator SEBI for its Initial Public Issue (IPO). The company will issue fresh shares worth Rs 1250 crore for this IPO. Apart from the new shares, the company will also offer 3.4 crore shares through Offer for Sale (OFS). Gland Pharma, backed by Fosun Pharma of China, has submitted draft Red Herring Prospects (DRHP) with SEBI. It develops, manufactures and markets complex injections.

The issue of the company includes new shares of Rs 1250 crore and OFS of 3,48,63,635 shares. In this, 1,93,68,686 shares will be sold by Fosun Pharma Industrial Limited. 1,00,47,435 shares will be sold by Gland Salus Bio Chemicals Pvt. Ltd., 35,73,014 shares by Empower Dissectionary Trust and 18,74,500 shares by Ventricular Descentry Trust.

According to investment banking sources, the IPO is worth Rs 5000 crore. This possibility is the first big heavy company, which is going to be listed in the Indian stock markets along with the promoter company of China. The promoters of Gland Pharma are Fosun Singapore and Sanghai Fosun Pharma. The proceeds from the IPO will be used for working capital, capital expansion and general corporate purposes.

Gland Pharma was founded by PVN Raju in 1978 and Fosun Pharma acquired 74 percent stake in 2017. The shares of the company will be listed on BSE and NSE. Kotak Mahindra Capital Company Ltd., Citigroup Global Markets India Pvt. Ltd., Hatong Securities India Pvt. Ltd. And Nomura Financial Advisory and Securities (India) Pvt. Ltd. Has been appointed as the book running lead manager for the IPO.

This post was published on July 11, 2020 3:31 pm

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