IPO update: Glenmark Life Sciences

Glenmark Life Sciences came out with its IPO about 10 weeks ago. Value Research's analysis of the IPO can be found here. This follow-up article focuses on the IPO's performance, post-IPO events and changes in its valuation since then. Our analysis of the IPO Glenmark Life Sciences is involved in manufacturing high-end active pharmaceutical ingredients (APIs), which are the key raw materials used to make drugs for various ailments. The company has a portfolio of 120 products with the market size of over $142 billion. This segment accounted for 92 per cent of its total revenues in FY21, while the rest came from the contract development and manufacturing operations (CDMO) business under which, it researches and develops compounds on a contractual basis as per clients' requirements. Glenmark Life Sciences was spun off as a new company from its parent company Glenmark Pharma at a consideration price of Rs 1,162 crore in 2019. Now in July 2021, the company came up with an IPO for Rs 1514 crore. Out of the IPO proceeds, Rs 800 crore was paid for the outstanding purchase consideration for the spin-off to it