Gland Pharma on Wednesday said its initial share-sale will open on public subscription on November 9 to raise about Rs 6,480 crore.
In a virtual press conference, the company said it has fixed a price of Rs 1,490-1,500 per share for the initial public offer (IPO).
The Hyderabad-based company, backed by China’s Fosun Pharma, develops, manufactures and markets complex injectables.
The IPO comprises issuance of fresh shares worth up to Rs 1,250 crore each and an offer of sale (OFS) of up to 3,48,63,635 shares.
The OFS consists of sale of up to 1,93,68,686 shares by Fosun Pharma Industrial, 1,00,47,435 shares by Gland Celsus Bio Chemicals, 35,73,014 shares by Empower Discretionary Trust and 18,74,500 shares by Nilay Discretionary Trust.
The initial share-sale will be open for public subscription during November 9-11, while the issue for anchor investors would open on November 6.
The IPO will fetch Rs 6,479.5 crore at the upper end of the price band.
This could probably be the first big Indian company with a Chinese parent to go for public listing.
The company’s promoters are Fosun Singapore and Shanghai Fosun Pharma.
The proceeds from the fresh issue of shares will be utilised for working capital, capital expenditure and general corporate purposes, as per the draft papers.
Gland Pharma was founded by P V N Raju in 1978 and Fosun Pharma acquired 74 per cent stake in the company in 2017.
Shares of the company are proposed to be listed on the BSE and the NSE.
Kotak Mahindra Capital Company, Citigroup Global Markets India, Haitong Securities India and Nomura Financial Advisory and Securities (India) are the book running lead managers to the IPO.
The company sells its products primarily under a business-to-business model in over 60 countries, including the US, Canada, Australia and India. It had 3,791 people across its facilities in India as on March 31, 2020.
Last month, the company had obtained Sebi’s go ahead to float its IPO.
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