Glenmark Life Sciences IPO
Glenmark Life Sciences IPO — date, price band, lot size & details 2021
Glenmark Life Sciences listed on 6 Aug 2021 at ₹750, 4.2% above the ₹720 issue price.
Glenmark Life Sciences makes active pharmaceutical ingredients for chronic therapy areas and offers contract development and manufacturing services. Its total income was Rs 1,885.98 crore in FY2021.
Stock price
Glenmark Life Sciences is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 27 Jul 2021
- Close 29 Jul 2021
- Allotment 03 Aug 2021
- Refund/credit 04 Aug 2021
- Listing 06 Aug 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 27 to 29 Jul, 2021 |
|---|---|
| Price Band | ₹695 – ₹720 |
| Face Value | ₹2 |
| Lot Size | 20 Shares |
| Issue Size | ₹1513.6 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,400 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 20 shares at the ₹720 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 20 | ₹14,400 |
| Retail (max) | 13 | 260 | ₹1,87,200 |
| S-HNI (min) | 14 | 280 | ₹2,01,600 |
| S-HNI (max) | 69 | 1,380 | ₹9,93,600 |
| B-HNI (min) | 70 | 1,400 | ₹10,08,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 6
- 01Total income rose from Rs 886.87 crore in FY2019 to Rs 1,885.98 crore in FY2021.
- 02Profit after tax rose from Rs 195.59 crore in FY2019 to Rs 351.58 crore in FY2021.
- 03EBITDA was Rs 591.89 crore in FY2021, a margin of about 31% of total income.
- 04The company showed no borrowing on 31 March 2021.
- 05The pre-issue P/E was 22.08 at the upper band of Rs 720, based on EPS of Rs 32.61.
- 06It runs 4 plants with 725.8 KL of capacity and sells to regulated markets such as Europe, North America and Japan.
Risks · 5
- 01Rs 800.00 crore of the Rs 1,060.00 crore fresh issue went to the promoter as purchase consideration, so little new money stayed for growth.
- 02Rs 453.60 crore of the issue was offer for sale by the promoter, so that part did not reach the company either.
- 03The business was carved out of Glenmark Pharmaceuticals on 1 January 2019, and Glenmark remains a related party and customer.
- 04Net worth was only Rs 88.13 crore on 31 March 2019 and Rs 752.75 crore on 31 March 2021, as the spin-off was recent.
- 05Promoter holding fell from 100% before the issue to 82.84% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Glenmark Life Sciences offer document.
| Metric | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|
| Assets | 1,997.08 | 1,725.60 | 1,475.40 |
| Total Income | 1,885.98 | 1,549.30 | 886.87 |
| Profit After Tax | 351.58 | 313.10 | 195.59 |
| EBITDA | 591.89 | 483.95 | 248.16 |
| NET Worth | 752.75 | 401.69 | 88.13 |
| Reserves and Surplus | 750.79 | 399.73 | 86.17 |
| Total Borrowing | 0.00 | 0.02 | 0.02 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Glenmark Life Sciences RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Glenmark Life Sciences IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹32.61 | ₹28.69 |
| P/E Ratio (x) | 22.08 | 25.10 |
| Market Cap at Offer Price (₹ Cr) | ₹7,762.58 | ₹8,823.20 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹720 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹1,010.44 Cr of the issue is earmarked to named objects.
About the company
It develops, makes and supplies APIs for cardiovascular disease, central nervous system disease, pain management, diabetes, gastrointestinal disorders and anti-infectives. It also offers contract development and manufacturing services to specialty pharma companies.
It sells in India and exports to Europe, North America, Latin America and Japan. It has 4 plants, at Ankleshwar and Dahej in Gujarat and at Mohol and Kurkumbh in Maharashtra, with an installed capacity of 725.8 KL on 31 December 2020.
The IPO was Rs 1,513.60 crore, with Rs 1,060.00 crore of fresh issue and Rs 453.60 crore of offer for sale by Glenmark Pharmaceuticals. Rs 800.00 crore of the fresh issue was planned for paying the promoter the outstanding consideration for the API business spin-off.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Glenmark Life Sciences IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
SBI Capital Markets Ltd.
37 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Kalyan Jewellers India (-15.0%).
Kotak Mahindra Capital Company Limited
49 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Rategain Travel Technologies (-15.3%).
Bofa Securities India Limited
14 issues handledBest listing: Nykaa (+79.4%). Weakest: The Leela Hotels (-6.7%).
Dam Capital Advisors Ltd
25 issues handledBest listing: Go Colors (+89.9%). Weakest: Metro Brands (-12.6%).
Goldman Sachs (India) Securities Private Limited
10 issues handledBest listing: Urban Company (+57.5%). Weakest: Paytm (-9.3%).
BOB Capital Markets Ltd
4 issues handledBest listing: Smartworks Coworking Spaces (+6.9%). Weakest: Kalyan Jewellers India (-15.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Glenmark Life Sciences?
The current Grey Market Premium is ₹130, or 18% over the issue price.
What is the Glenmark Life Sciences IPO price band?
₹695 to ₹720, on a face value of ₹2.
When is the allotment?
The basis of allotment is 3 August 2021, with listing on 6 August 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
