Gland Pharma to float an IPO to raise Rs. 7,000 cr
To begin with, the Hyderabad-based pharmaceutical company Gland Pharma filed its draft red herring prospectus with SEBI. Notably, the IPO consists of a fresh issue of up to Rs. 1,250 crores. Also, its offer for sale comes up to 3,48,63,635 equity shares by promoters.
On the other hand, the offer for sale consists of 1,93,68,686 equity shares by Fosun Pharma Industrial Pte. Ltd. It also consists of 1,00,47,435 equity shares by Gland Celsus Bio Chemicals. As well as it consists of the 35,73,014 equity shares of Empower Discretionary Trust. And also consists of 18,74,500 equity shares by Nilay Discretionary Trust.
Given that if the issue becomes successful, then this would come up as the first Indian company with Chinese parents to list on bourses.
Notably, Fosun Singapore and Shanghai Fosun Pharma work as the promoters of the company. Hence, Fosun Singapore holds a 74% stake, while the Shanghai Fosun holds 100% of the share capital.
On the other hand, the Gland Celsus holds a 12.97% stake in the Gland, Empower Trust holds a 5.08%, and Nilay Trust holds a 2.42% in the pre-offer.
Significantly, Gland Pharma develops, manufactures, and markets complex injectables. The firm posted a 71% growth in FY20 profit at Rs. 772.85 crores. As well as it reported a 28.80% hike in revenue at Rs. 2,633.24 crores compared to the previous year.