Pharmaceuticals giant's subsidiary Glenmark Life Science's initial public offering (IPO) worth Rs 1,060 crores is set to open for bidding on July 27 and will close on July 29. The price width for share sale has been fixed at Rs 695-720 per equity share.

This IPO consists of a fresh issue of Rs 1,060 crore and an offer for sale of 63 lakh equity shares by promoter Glenmark Pharmaceuticals. The fundraising comes to Rs 1,513.6 crore at a higher price band.

Investors willing to put money into these stocks can bid for a minimum of 20 equity shares and in multiples of 20 equity shares thereafter.

Also Read: Explained: What’s the buzz around Zomato IPO

Up to 50% of its offer is reserved for qualified institutional buyers while 35% is for retail investors, and 15% is for non-institutional investors.

Glenmark Pharmaceuticals Limited is an Indian pharmaceutical company with its headquarters in Mumbai. It was founded in 1977 by Gracias Saldanha.

The company offers a varying range of products sold worldwide including Europe, North America, Latin America, Japan. Currently, it has four manufacturing facilities at Ankleshwar and Dahej in Gujarat and Mohol and Kurkumbh in Maharashtra State with an aggregate annual installed capacity of 725.8 KL as of December 31, 2020.

Recently, the much-awaited Initial Public Offering (IPO) of Zomato, the food delivery platform, was launched with a buzz. It was India's biggest IPO of this year. Zomato has fixed the price band of its  IPO at Rs 72-76 per share of the face value of Rs 1 each. The company is expecting to raise Rs 9,375 crore through the offer.  

  India's digital payment firm Paytm, one of India’s most valuable startups,  announced that it is planning to sell $2.2 billion in shares. The company submitted the IPO-related draft papers to the country’s market regulator on Friday.