Gland Pharma IPO could be first Indian IPO with Chinese parent company

New Delhi, July 11 (IANS) Hyderabad-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.

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 Rs 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 per cent stake in the company in 2017.

The IPO includes fresh issue of shares worth up to Rs 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.

–IANS

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