HONG KONG • A unit of Fosun International, the Chinese group backed by billionaire Guo Guangchang, is considering an initial public offering (IPO) for Indian drugmaker Gland Pharma, people with knowledge of the matter said.
Shanghai Fosun Pharmaceutical is in preliminary talks with potential advisers about an Indian IPO for Gland, according to the people, who asked not to be identified because the information is private.
The share sale could raise about US$500 million (S$683 million), the people said, adding that deliberations are at an early stage, and any listing is unlikely to take place before next year.
Fosun Pharma is weighing an IPO after buying a roughly 74 per cent stake in Gland for US$1.1 billion last year. Fundraising from first-time share sales in India has risen 41 per cent this year to US$4.3 billion, data compiled by Bloomberg shows.
Hyderabad-based Gland, founded in 1978, specialises in injectable drugs such as antibiotics, oncology and cardiology treatments.
Fosun has continued to expand its international business empire, which has holdings ranging from consumer brands to insurance. This year, Fosun has announced acquisitions of Brazilian brokerage Guide Investimentos and French fashion house Lanvin. The conglomerate received Hong Kong stock exchange approval this month to spin off its tourism and hotel unit.