2011 Gilt Cut-Off Set At Rs 103.57

The Rs 107-crore Glenmark Pharmaceuticals has appointed DSP Merrill Lynch and Enam Securities as lead managers to its initial public offering (IPO).

Glenn Saldanha, director, sales and marketing, said Glenmark had chosen an IPO over private equity and strategic investment to fund expansion.

The company will soon file its application with the Securities and Exchange Board of India (Sebi). "We had not decided until recently as we were unsure of market conditions in the light of elections. However, we've decided now that the elections are over, we should take advantage of the upbeat market conditions," Saldanha said.

Saldanha was tight-lipped about the size of the issue and the price at which it