Gland Pharma, with its majority Chinese holding (it’s owned by Shanghai Fosun Pharmaceutical), has received SEBI’s approval to launch an IPO worth Rs 6,000 crore marking first big IPO of an Indian Company of Chinese parentage, and is of significance when seen in the light of the frosty diplomatic ties between India and China on the issue of military aggression in Eastern Ladakh earlier this year which lead to casualties on both sides.

The IPO is a mix of primary and secondary shares with both Fosun group and the founders likely to have their holding reduced. Most of the IPO proceeds will be used for capex and working capital for its Indian operations.

Fosun acquired around 74 percent stakes in Gland Pharma in October 2017, offering an offload to KKR, a private equity entity with substantial residual stake remaining with its founder promoters, who continued on the company’s board after the deal.

Gland Pharma is a pure-play generic injectable pharma maker founded in 1978 with major interests in the North American and European markets.

Currently headed by MD and CEO Srinivas Sadu, its known for Heparin, an anti-coagulant used during surgeries and in the treatment of heart attacks.