New Delhi: Hyderabad-based Gland Pharma has filed a Draft Red Herring Prospectus (DRHP) for an initial public offer (IPO) with the Securities and Exchange Board of India (SEBI) that includes a fresh issue of shares worth up to Rs 1,250 crore.
Apart from the fresh issue of equity, there is an Offer for Sale (OFS) of a little over 3.4 crore shares as part of the IPO.
The company, which is backed by China’s Fosun Pharma, develops, manufactures and markets complex injectables.
The issue comprises fresh shares worth up to Rs 1,250 crore and OFS of up to 3,48,63,635 shares. The latter includes the sale of up to 1,93,68,686 shares by Fosun Pharma Industrial Pte Ltd, 1,00,47,435 shares by Gland Celsus Bio Chemicals Pvt Ltd, 35,73,014 shares by Empower Discretionary Trust and 18,74,500 shares by Nilay Discretionary Trust, as per the DRHP.
According to a PTI report citing investment banking sources said the IPO would be worth over Rs 5,000 crore. The report also said that this could probably be the first big Indian company with a Chinese parent to go for public listing.
The company’s promoters are Fosun Singapore and Shanghai Fosun Pharma.
The proceeds from the fresh issue of shares will be utilised for working capital, capital expenditure and general corporate purposes, according to the DRHP. Shares of the company are proposed to be listed on the BSE and the NSE.
