Chinese-firm backed Gland Pharma files for IPO, could raise up to ₹6,000 crore
Gland Pharmais a Hyderabad-based drug maker and is promoted by China's Fosun Pharma.
- The company was founded in 1978 by PVN Raju, and in 2017, Chinese company Fosun Pharma acquired a 74% stake.
initial public offerfiled by Gland Pharma makes it the first domestic IPOof an Indian company with a Chinese parent.
- The IPO size is estimated to be in the range of ₹5,000-6000 crore.
AdvertisementHyderabad-based Gland Pharma, which is promoted by China's Fosun Pharma, has filed for an initial public offer (IPO) with the Securities and Exchange Board of India (SEBI).
This will be the first domestic IPO of an Indian company with a Chinese parent. The company's promoters are Fosun Singapore and Shanghai Fosun Pharma. It is estimated that the IPO could be in the range of ₹5,000-6000 crore.
Gland Pharma, which develops, manufactures and markets complex injectables, was founded by P.V.N. Raju in 1978 and Fosun Pharma acquired 74% stake in the company in 2017.
The IPO includes fresh issue of shares worth up to ₹1,250 crore. There is also an offer for sale (OFS) of a little over 3.4 crore shares as part of the IPO.
The latter includes sale of up to 1.93 crore shares by Fosun Pharma Industrial Pte Ltd, 1 crore shares by Gland Celsus Bio Chemicals Pvt Ltd, 35.73 lakh shares by Empower Discretionary Trust and 18.74 lakh shares by Nilay Discretionary Trust, as per the DRHP.
Kotak Mahindra Capital Company Ltd, Citigroup Global Markets India Pvt Ltd, Haitong Securities India Pvt Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd are the book running lead managers to the IPO.
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