Gland Pharma and its shareholders are looking to raise as much as 64.5 billion rupees ($871 million) in what would be India’s biggest initial public offering (IPO) by a pharmaceutical company, reported Bloomberg.
The company and existing holders including majority owner China’s Fosun Pharma Industrial are selling as many as 43.2 million shares in the offering, according to terms of the deal obtained by Bloomberg News. The shares are marketed at 1,490 rupees to 1,500 rupees each.
At $871 million, Gland Pharma’s IPO would be the largest ever by a pharmaceutical enterprise in India, way above the $260 million share sale by Eris Lifesciences in 2017, according to data compiled by Bloomberg. It would also be the country’s second-biggest this year after SBI Cards & Payment Services’ $1.44 billion offering.