InvestorQ : Why has Glenmark rallied so sharply in the last few weeks?
Archita Jajjoo made post

Why has Glenmark rallied so sharply in the last few weeks?

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Niti Shenoi answered.
8 months ago
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In the midst of all the volatility and the chaos in the stock market, one stock has stood out. Glenmark Pharma is literally in the midst of a one-way celebration as the stock touched a 23-month high of Rs.588 on 19 April. The company has seen a surge in buying interest from investors after it announced an IPO of its API business, Glenmark Life Sciences Ltd.

The proposed IPO, for which the DRHP has been filed with SEBI, will raise Rs.1160 crore via fresh issue of shares and have an additional OFS of 73 lakh shares sold by Glenmark as part of the IPO process. APIs are currently hot property globally and Glenmark wants to make the most of this rise in demand for APIs. Glenmark will also cut its total debt of Rs.3,614 crore.

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