Deal Closed | Gland Pharma Limited | Initial Public Offering
The details of the deal are as under:
Sector: Pharmaceuticals
Announcement Date: 31 Oct 2020
Completion Date: 17 November 2020
Name of the client: Fosun Pharma and Gland Pharma Limited and Gland Pharma Limited
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a leading healthcare group in China. The company has established international R&D centres for excellence in areas such as innovative small molecule drugs, high-value generic drugs, biologics, and cell therapy.
Gland Pharma Limited, a subsidiary of Fosun Pharma, manufactures small volume parenterals. It offers injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, and ophthalmic solutions.
Deal Description: Khaitan and Co acted as legal counsel as to Indian law to Shanghai Fosun Pharmaceutical (Group) Co., Ltd (“Fosun Pharma”) and Fosun Pharma Industrial Pte. Ltd, the promoters of Gland Pharma Limited, in the initial public offering of equity shares of Gland Pharma Limited for an aggregate amount of INR 65,795.45 million (USD 882.16 million) comprising of a Fresh Issue aggregating INR 12,500 million and an offer for sale of 34,863,635 Equity Shares aggregating INR 52,295.45 million by the promoter and certain other shareholders. Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Haitong Securities India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited were the book running lead managers to the Issue.
Deal Amount: Up to INR 64795.4 million (Up to USD 882 million)
Deal Team Members: Abhimanyu Bhattacharya (Partner), Aditya Cheriyan (Partner), Navodita Gupta (Principal Associate), Devarshi Mukhopadhyay (Associate) and Shalina Abhale (Associate) with assistance from Niren Patel (Partner) and Vivek Sriram (Partner) on the corporate aspects
Role of Khaitan & Co: Legal Counsel to the Promoters as to Indian Law
Other Legal Advisors if any, with Names of Lead Lawyers: Legal Counsel to the Company and the Other Selling Shareholders as to Indian Law: Cyril Amarchand Mangaldas;
Legal Counsel to the BRLMs as to Indian Law: S&R Associates
International Legal Counsel to the BRLMs: Herbert Smith Freehills LLP
Unique Feature of Transaction
• This IPO is the first-ever Indian IPO to be completed where the parents of the issuer company are Chinese.
• This IPO is also touted to be the largest pharmaceuticals sector IPO in India.
• There were a large number of regulatory complexities involved in the transaction, including in relation to obtaining a PN-15 approval from the Hong Kong Stock Exchange and approval for overseas listing from the China Securities Regulatory Commission.
• The IPO saw participation from a marquee set of investors, including GIC, Goldman Sachs and several other notable investors.
