Glenmark subsidiary, 4 other pharma firms plan ₹7,000-cr IPOS
Amidst the raging second wave of the Covid-19 pandemic and many fearing a third wave, the healthcare sector is in the limelight for the second consecutive year as several pharma and life sciences companies are lined up to tap the equity markets through initial public offerings (IPO) over the next few months, according to investment bankers.
Five such companies which have firmed up their IPO plans are Glenmark Lifesciences, a fully-owned arm of Glenmark Pharmaceuticals, the city-based bulk drugs firm Supriya Lifesciences, drug formulations firm Windlass Biotech, Bain Capitalbacked Emcure Pharma and CX Partners-funded Veeda Clinical Research. According to investment-bankers, they are planning to mop up over ₹7,000 crore in primary share sales. While the IPO street was the busiest in FY21 with the best ever performance after the pandemic scare had ebbed, pharma stocks have been one of the best performers throughout the year when Sensex and Nifty scaled new highs. For instance, Arti Pharma gave over 501% in returns in FY21; Granules India rallied 201%, J&B Chem gained 145%, Aurobindo Pharma just doubled the returns, Divi’s rose 104%, Ipca Labs returned 97% and Ajanta Pharma gave 72% in FY21, pushing BSE healthcare index to all-time highs.
The huge IPO line-up from healthcare players comes in the back of stellar performance of Gland Pharma stock that debuted in 2020 with the biggest secotral issue in decades mopping up around ₹6,500 crore. Since listing, it has gained over 110%. The domestic pharma sector accounts for over 50%of global vaccine supplies, 40%of generic drug supplies to the US, and 25% of all medicines to Britain.
Post.
On Wednesday, Amazon also announced it would buy storied Hollywood studio MGM for $8.45 billion with the hopes of filling its video streaming service with more shows and movies to watch. MUMBAI: