Pharmaceutical ingredient manufacturer Glenmark Pharma is in conversation with its advisors to consider IPO for its Active Pharmaceutical Ingredients arm(API) in 2021.
“The API vertical of Glenmark Pharma i.e Glenmark Lifesciences is large enough now to get listed separately. Plus, this segment is expected to fetch rich valuations,” a source aware of the development told Moneycontrol.
The company looks forward to raising between Rs 1,200 and Rs 1,500 crores via the IPO. Fast-track DRHP will be filed. The company may use proceeds to reduce debts.
“Investment banks – BofA Securities, Kotak Mahindra Capital, Goldman Sachs & DAM Capital – have been taken on board as advisors for the proposed listing,” a source told Moneycontrol.
