Glenmark Pharma IPO at Rs200 per share
glenmarkindia.com
30-11-1999 16:46:51
Formulations manufacturer Glenmark Pharmaceuticals Ltd is launching an initial public offering (IPO) of equity shares at a price of Rs200 a share, company officials said today. The IPO is of 2.67mn shares, each of Rs10 face value at a premium of Rs190, aggregating Rs534mn, the officials told a news conference.
The issue will open for subscription on December 10 and close on December 16. The Mumbai-based Glenmark conducts research, development, manufacture and marketing of drugs in the dermatology, paediatrics, gynecology and ENT (ear, nose throat) segments. Its major branded products include `Candid` cream in the dermatological segment and `Ascoril` expectorant. The firm has manufacturing facilities at Nashik in Maharashtra and in neighboring Goa state. It has its R&D center near Nashik.
Glenn Saldanha, executive director of the company, said the IPO money would be used to set up a soft gelatin capsules manufacturing facility in Goa, an R&D center in Mumbai and for working capital expenditure. "We are working on diversifying into other segments while maintaining our leadership in dermatology," he said. The Mumbai R&D center will be ready by August 2000 and the Goa facility by end-2000, Saldanha said.
The firm posted sales of Rs991.61mn, profit after tax of Rs127.74mn and earnings per share (EPS) of Rs25.81 in the year to March 31, 1999. Saldanha said the company expects to record sales of Rs1.37bn, net profit of Rs160mn and a post-issue fully-diluted EPS of Rs15.6 in the year to March 31, 2000.
Source: Reuters |
