Subscribe to Glenmark Life Sciences: Choice Equity Broking
Choice Equity Broking has come out with its report on Glenmark Life Sciences. The research firm has recommended to ''Subscribe'' the ipo in its research report as on July 23, 2021.
July 27, 2021 / 01:24 PM IST
Choice Equity Broking IPO report on Glenmark Life Sciences
Glenmark Life Sciences Ltd. (GLS), the subsidiary of pharma major Glenmark Pharmaceuticals Ltd., is planning to raise up to Rs. 1,500cr through an IPO, which opens on 27th Jul. and closes on 29th Jul. 2021. The price band is Rs. 695 - 720 per share. The issue is a combination of fresh and OFS. The company will not receive any proceeds from the OFS portion. Of the net proceeds from the fresh issue, Rs. 800cr will be utilized for the payment of outstanding purchase consideration to the promoter for the spin-off of their API business into the company, another Rs. 152.8cr will be used to fund the capital expenditure requirements.
Valuation and Outlook
Thus, considering the business growth outlook and almost stable operating margins, we assign a “SUBSCRIBE” rating for the issue.
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