Fosun-backed Gland Pharma files for Rs 6000-7000 crore IPO

New Delhi: Hyderabad-based pharmaceutical company Gland Pharma has listed a draft red herring outline in the supervision of capital market regulator SEBI for its intended initial public offering on July 10.

The IPO contains an original issue of up to Rs 1,250 crore and a proposal for a sellout of up to 3,48,63,635 equity shares by promoters.

The proposal for sale comprises of 1,93,68,686 equity shares by Fosun Pharma Industrial Pte Ltd, 1,00,47,435 equity shares by Gland Celsus Bio Chemicals, up to 35,73,014 equity shares by Empower Discretionary Trust, and 18,74,500 equity shares by Nilay Discretionary Trust.

If the impression gets through favorably then it could be the first Indian company with Chinese parents to list on bourses.

Fosun Singapore and Shanghai Fosun Pharma are the promoters of the company. Fosun Singapore owns a 74 percent stake in the company pre-offer, while Shanghai Fosun Pharma carries 100 percent of the share capital of Fosun Industrial Co which holds 100 percent of the share capital of Fosun Singapore.

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