{"id":12751,"date":"2021-07-26T10:37:51","date_gmt":"2021-07-26T05:07:51","guid":{"rendered":"https:\/\/www.fintoo.in\/blog\/?p=12751"},"modified":"2021-07-26T11:38:59","modified_gmt":"2021-07-26T06:08:59","slug":"glenmark-life-sciences-ltd-subscribe","status":"publish","type":"post","link":"https:\/\/blog.fintoo.in\/blog\/glenmark-life-sciences-ltd-subscribe\/","title":{"rendered":"Glenmark Life Sciences Ltd.:  (Subscribe)"},"content":{"rendered":"\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td>Issue Size- 2.1 bn shares<\/td><td>Issue Open\/Close &#8211; Jul 27\/Jul 29, 2021<\/td><\/tr><tr><td>Price Band (Rs) 695-720<\/td><td>Issue Size- 14.61-15.14 bn<\/td><\/tr><tr><td>Face Value (Rs) 2<\/td><td>Lot Size (shares) 20<\/td><\/tr><\/tbody><\/table><figcaption>Glenmark Life science (GLS) is the wholly owned subsidiary of Glenmark Pharmaceuticals Ltd (GNP IN). In 2001-02, GLS launched the API manufacturing business by setting up a manufacturing facility in Kurkumbh. Currently, the company has two key business verticals: namely API and CDMO. GLS is a leading developer and manufacturer of select high value, non-commoditized APIs in chronic therapeutic areas, including CVS, CNS, pain and diabetes. As of FY21, API and CDMO contributed ~90.6 &amp; 8.1% to GLS revenues respectively. The company works with 16 of the top 20 generic pharmaceutical companies in the world and as of 31st May 2021, they have registered ~403 DMFs globally.<\/figcaption><\/figure>\n\n\n\n<p>From the <a href=\"https:\/\/www.fintooinvest.in\/ipo?upcomingipo=upcomingipo\" target=\"_blank\" rel=\"noreferrer noopener\">IPO <\/a>proceeds, Glenmark Life Sciences Ltd will be using ~Rs 8 bn as repayment of an outstanding purchase agreement to the promoter for the spin-off of the API business. The company has also envisaged using Rs 1.53 bn as capital expenditure. This includes a new multi usage facility, which will mainly focus on the company\u2019s CDMO business aspiration from Q4FY23.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-fill\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.fintooinvest.in\/ipo?upcomingipo=upcomingipo?utm_source=14&amp;utm_medium=12&amp;utm_campaign=89\" target=\"_blank\" rel=\"noreferrer noopener\">Subscribe<\/a><\/div>\n<\/div>\n\n\n<style>#uid-02f0e6a7fa6ad9f5  .heading h2 {\n\tline-height: 1.6em;\n\tfont-weight: 400;\n}\n<\/style><div class=\"gutenberg-solo-block--wrapper gutenberg-solo-blocks--heading  gutenberg-blog-solo-heading\" id=\"uid-02f0e6a7fa6ad9f5\" data-solo-block=\"heading\">\t\t<div class=\"heading\">\r\n\t\t\t<h2><strong>Investment Arguments<\/strong><\/h2>\t\t<\/div>\r\n\t\t<\/div>\n\n\n<ul><li>The Company is a leadership in select high value, non-commoditized APIs in chronic therapeutic areas. As of March 31, 2021, it has sold its APIs in India and exported the APIs to multiple countries in Europe, North America, Latin America, Japan and ROW. The total market size in terms of sales for company\u2019s portfolio of 120 molecules globally was estimated to be around US$142 billion in 2020 and is expected to grow by about 6.8 pct over the next 5 years to reach to about USD 211 bn by 2026. The market size in terms of volume for its 120 molecules was estimated to be at 9,959 tonnes in 2020 and is expected to grow at a rate of 6 pct over the next 5 years to reach to about 12,079 tonnes by 2026.<\/li><\/ul>\n\n\n\n<ul><li>Glenmark Life Sciences Ltd enjoys strong relationships with leading global generic companies. As of March 31, 2021, 16 of the 20 largest generic companies globally were its customers and the company enjoys a reputation of trust and reliability with such companies.<\/li><\/ul>\n\n\n\n<ul><li>The company intends to increase its API manufacturing capabilities at Ankleshwar facility during FY22, and Dahej facility during FY22 and FY23 by an aggregate annual total installed capacity of 200 KL. This additional production capacity is expected to help the company further expand generic API production and also grow oncology product pipeline.<\/li><\/ul>\n\n\n\n<ul><li>In the last 3 years, Glenmark Life Sciences has started working with innovator pharmaceutical companies in the area of CDMO. The growth drivers for the global CDMO market include: (1) Costly breakthrough therapies which drive higher demand for pharmaceutical products (2) Increasing pressure to lower drug prices (3) Disruption by COVID-19 pandemic (4) Realignment of business models (5) Highly fragmented CDMO market.<\/li><\/ul>\n\n\n<style>#uid-febdb77065779dca  .heading h2 {\n\tline-height: 1.6em;\n\tfont-weight: 400;\n}\n<\/style><div class=\"gutenberg-solo-block--wrapper gutenberg-solo-blocks--heading  gutenberg-blog-solo-heading\" id=\"uid-febdb77065779dca\" data-solo-block=\"heading\">\t\t<div class=\"heading\">\r\n\t\t\t<h2><strong>Key Risks<\/strong><\/h2>\t\t<\/div>\r\n\t\t<\/div>\n\n\n<ul><li>Regulatory Risk- In FY21, ~65 pct sales come from regulated markets. Thus, the company\u2019s manufacturing facilities and products are subject to periodic inspection\/audit by customers and regulatory agencies.<\/li><li>Dependence on key customers \u2013 It derives ~55.88 pct from its top 5 customers as of FY21. The company typically does not have exclusivity with its customers which include its key customers.<\/li><li>Dependence on key products- As of FY21, the company derives ~66.36 pct of its revenues from its top 10 products in the generic API segment which overall contributes ~91 pct of total revenues.<\/li><li>Delay in capex implementation GLS intends to spend ~Rs 1.5bn in the next 3 years on capex which includes a new facility for the CDMO business. Any delay in execution of the capex could impact the company\u2019s future growth strategies<\/li><\/ul>\n\n\n\n<p><strong>Valuation<\/strong> At the upper end of the price band of Rs 720, the stock is quoting at a P\/E of 25x its FY21 EPS of Rs 29. Considering its strong R&amp;D capabilities, clean regulatory history, strong promoter backing with synergies and planned capex to drive medium term growth, we recommend investors to Subscribe for a longer term perspective.<\/p>\n\n\n\n<p>Also read &#8211; <a href=\"https:\/\/www.fintoo.in\/blog\/nri-taxation-and-latest-amendment-on-residential-status\/\">NRI Taxation and Latest Amendment on Residential Status<\/a><\/p>\n\n\n\n<p>A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning without any cost on:&nbsp;<a href=\"http:\/\/bit.ly\/Robo-Fintoo\" target=\"_blank\" rel=\"noreferrer noopener\">http:\/\/bit.ly\/Robo-Fintoo<\/a><\/p>\n\n\n\n<p><em><strong>Disclaimer:<\/strong>&nbsp;The views shared in blogs are based on personal opinion and does not endorse the company\u2019s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Issue Size- 2.1 bn shares Issue Open\/Close &#8211; Jul 27\/Jul 29, 2021 Price Band (Rs) 695-720 Issue Size- 14.61-15.14 bn Face Value (Rs) 2 Lot Size (shares) 20 Glenmark Life science (GLS) is the wholly owned subsidiary of Glenmark Pharmaceuticals Ltd (GNP IN). In 2001-02, GLS launched the API manufacturing business by setting up a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[271],"tags":[1302,1298,843,97,272,1153,1301,773,1154,1300,1297,255,1299],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Glenmark Life Sciences Ltd.: (Subscribe) - Fintoo Blog<\/title>\n<meta name=\"description\" content=\"Glenmark Life Sciences Ltd is the wholly owned subsidiary of Glenmark Pharmaceuticals Ltd. 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