Gland Pharma and its shareholders are targeting to raise as much as 64.5 billion rupees via India’s biggest IPO (initial public offering) by a pharmaceutical firm. The shareholders including Fosun Pharma are opening up with 43.2 million shares in the offering, marketing between Rs 1,490 to Rs 1,500 each.
According to the terms, Gland Pharma’s IPO consists of up to 34.9 million secondary shares from existing shareholders. Fosun Pharma is planning to divest 19.4 million shares in the IPO, while Gland Celsus Bio Chemicals Pvt., Empower Discretionary Trust and Nilay Discretionary Trust are selling 15.5 million shares in total.
It would also be the country’s second-biggest this year after SBI Cards & Payment Services Ltd’s $1.44 billion IPO. Shanghai Fosun Pharmaceutical (Group) Co. acquired a 74% stake in Gland Pharma for about $1.1 billion in 2017.
Supported by Chinese billionaire Guo Guangchang, Fosun had initially sought to buy an 86% stake in the closely-held Indian drug maker from an investment group including KKR and Co. however this move was rejected then by Cabinet Committee on Economic Affairs.
Also, Citigroup, Haitong Securities, Kotak Mahindra Bank and Nomura Holdings are managing the deal.
