The IPO market continues to boom. Pharma company Glenmark Life Sciences will bring the issue at a price of Rs 695 to 720. The company will raise a total of Rs 1,513 crore through this. Out of this, Rs 1,060 crore will be raised through fresh shares.
The company said that Glenmark Pharma will issue 63 lakh shares under the offer for sale. Based on the upper price ie 720, the total amount will be Rs 1,513 crore. The issue will open on July 27 and close on July 29. Glenmark Life Sciences is primarily engaged in the business of manufacturing Active Pharma Ingredients (APIs). It has a total of 120 products in its portfolio. Glenmark Pharma currently holds 100% stake in it.
Anchor investors will be able to invest in the IPO on July 26. The stock will be listed on the stock exchange on August 6. Its merchant bankers include Goldman, Kotak Mahindra Capital, Bank of America Securities, DAM Capital, BOB Capital, and SBI Capital Markets. Out of the amount raised from the IPO, Rs 900 crore will be used by the company to clear the dues. The rest of the amount will be used for other investments.
The API vertical of Glenmark Pharma is also known as Glenmark Life Sciences. Since the unit is fully qualified to become a separate company, the vertical will be listed on the stock exchange. The valuation of the API segment is expected to increase, which the company wants to take advantage of.
Anand Rathi Wealth, on the other hand, has submitted the draft to SEBI. Through this, the company is planning to raise Rs 800-900 crore. In this, Anand Rathi Financial Services will sell 92.9 lakh shares. Also, other promoters, including Anand Rathi, Amit Rathi, Supriya Rathi, Preeti Gupta, and Pradeep Gupta will also sell their shares.
Anand Rathi Wealth is a company of Anand Rathi Financial Services. It basically focuses on wealthy families. It has more than 6 thousand customers. There are 233 relationship managers. It manages around Rs 26,058 crore. Earlier in September 2018, it had submitted a draft to SEBI for IPO. Later it withdrew it as the market conditions were not good at that time.
In the year 2018, its profit was Rs 46 crore, while the revenue was Rs 221 crore. Its revenue in the financial year ended March 2021 was Rs 265 crore, while the net profit was Rs 45 crore.
On the other hand, Policy Bazaar has also made preparations for the IPO. An online insurance aggregator with investment from Japan's Soft Bank has given its nod for an IPO of Rs 6,500 crore. This will be the fifth startup in the country that is preparing for the issue. Its IPO will have both fresh share and offer for sale components. The company may soon submit a draft to SEBI in this matter. The company can launch an IPO by December.
Earlier, Zomato brought its IPO last week. Paytm has submitted papers for IPO with SEBI only last week. Policybazaar had a loss of Rs 218 crore in the financial year 2020-21. In the previous year, it had incurred a loss of Rs 213 crore. It had also recently bought an insurance broking company.
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