 "Gland Pharma receives Sebi's go-ahead to launch IPO pegged at Rs 5,000 cr")
Gland Pharma has received capital markets regulator Sebi's go-ahead to launch an initial public offering (IPO) that includes fresh issue of shares worth up to Rs 1,250 crore. According to investment banking sources, the IPO would be worth over Rs 5,000 crore.
Apart from the fresh issue, there is an offer for sale (OFS) of a little over 34 million shares as part of the IPO.
The Hyderabad-based company, backed by China's Fosun Pharma, develops, manufactures and markets complex injectables.
The company filed draft papers in July and obtained Sebi's observation on October 19 to float an IPO, an update with the capital markets showed on Monday.
Sebi's observation is necessary for any company to launch public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue.
This could probably be the first big Indian company with a Chinese parent to go for public listing.
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