Glenmark Life Sciences Limited, a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (API) in chronic therapeutic areas, is planning to expand geographical markets and to grow contract development and manufacturing organization (CDMO) business.

The company will also be focusing on product capabilities and improving operational efficiency and will be working towards 10 molecules every year.

The company intends to increase API manufacturing capabilities by enhancing the existing production capacities at Ankleshwar facility during the financial year 2022 and Dahej facility during the financial years 2022 and 2023 by an aggregate annual total installed capacity of 200 KL.

“About 65% of our revenue comes from regulated markets such as US, Europe, Japan, North America and Russia. We are maintaining 31% Earnings before interest, taxes, depreciation, and amortization (EBITDA) margins and reported revenue of Rs 1,885.16 crore for FY21,” the company said.

The company will open its initial public offering on July 27, 2021 and will close on July 29, 2021 and the price band of the Offer has been fixed at Rs.695 to Rs. 720 per equity share.

The company proposes to utilise the net proceeds from the fresh issue towards payment of outstanding purchase consideration to the promoter for the spin-off of the API business from the promoter into the company pursuant to the business purchase agreement dated October  9, 2018; Funding the capital expenditure requirements; and general corporate purposes.