Glenmark Life Sciences to open July 27 with 6.3 mn shares on sale

Anand Rathi Wealth files DRHP with Sebi, IPO will be pure offer for sale

The initial public offering of Glenmark Life Sciences will open on July 27 and close on July 29, parent Glenmark Pharmaceuticals said in regulatory filing on Tuesday. Glenmark Pharma will sell 6.3 million shares in the company. The IPO will also consist of fresh fund raise to the tune of Rs 1,060 crore.

Glenmark Life Sciences is a manufacturer of active pharmaceutical ingredients (API) with a portfolio of 120 products. Currently, Glenmark Pharma holds a 100 per cent stake in the company.

Anand Rathi Wealth files IPO document with Sebi

Anand Rathi Wealth has filed its draft red herring prospectus with market regulator Sebi. The IPO will entirely be an offer for sale by existing shareholders, including founder Anand Rathi. The company offers wealth solutions, financial product distribution and technology solutions. Currently, the only listed player in the category is IIFL Wealth, which has a market cap of Rs 12,180 crore.