Gland Pharma Limited Initial Public Offering to open on 09th November 2020

• Price band of Rs 1490 to Rs 1500 per Equity Share
• Bid/ Offer Opening Date – November 9, 2020 and Bid/ Offer Closing Date – November 11, 2020

Mumbai, November 04, 2020: Gland Pharma Limited (the “Company’), one of the fastest growing generic injectables-focused companies by revenue in the United States from 2014 to 2019 (Source: IQVIA Report). The Company sell their products primarily under a business to business (“B2B”) model in over 60 countries as of June 30, 2020 including the United States, Europe, Canada, Australia, India and the Rest of the world, will open the initial public offer of equity shares of face value of Re. 1 each (“Equity Shares” and such initial public offer, the “Offer”) on 09^th November 2020. The Offer will close on 11^th November 2020. The price band of the Offer has been fixed at Rs 1490 to Rs 1500 per Equity Share.

The Initial Public offering comprises of a fresh issue aggregating up to Rs. 12,500 million (the “Fresh Issue”) and an offer for sale of up to 34,863,635 Equity Shares, including up to 19,368,686 Equity Shares by Fosun Pharma Industrial PTE. Ltd (“Promoter Selling Shareholder”) and up to 10,047,435 Equity Shares by Gland Celsus Bio Chemicals Private Limited, up to 3,573,014 Equity Shares by Empower Discretionary Trust, and up to 1,874,500 Equity Shares by Nilay Discretionary Trust (collectively, the “Other Selling Shareholders” and collectively with the Promoter Selling Shareholder are referred to as the “Selling Shareholders”, and such Equity Shares, the “Offered Shares”).

Bids can be made for a minimum of 10 Equity Shares and in multiples of 10 Equity Shares thereafter.

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”) provided that our Company and the Selling Shareholders, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to theNet QIB  Portion.

Further 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective ASBA accounts and UPI ID (in case of RIBs), if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as applicable. Anchor Investors are not permitted to participate in the Offer through the ASBA process.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Haitong Securities India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the Offer.

Corporate Comm India (CCI Newswire)