Glenmark Pharma hits 23-month high on Glenmark Life Sciences IPO plan

ICICI Securities believe this is a positive development for the company and will lead to value unlocking for the shareholder

Shares of Glenmark Pharmaceuticals hit a 23-month high of Rs 587.50, up 3 per cent, on the BSE in intra-day trade on Monday after the company announced that its API (Active Pharmaceutical Ingredient) division, Glenmark Life Sciences, is planning to raise fund via an initial public offer (IPO).

The stock of the drugmaker is trading at its highest level since May 2019. It recovered 9 per cent from its intra-day low of Rs 539 touched on the BSE. At 02:15 pm, the stock was quoting 1 per cent higher at Rs 577 as compared to a 1.9 per cent decline in