Glenmark Generics, the generics arm of Glenmark Pharmaceuticals on Thursday filed the draft red herring prospectus (DRHP) with SEBI for its initial public offer (IPO).

The company plans to raise Rs 550-600 crore from the share sale.

The raised funds from the IPO would be utilized to fund the growth plans of GGL, which was hived off as a 100 per cent subsidiary last year.

It should be noted that last year, Mumbai-based Glenmark Pharmaceuticals spun off its active pharmaceutical ingredients (API) business and the generic or off-patent formulations business into a subsidiary - Glenmark Generics.

The IPO is expected to hit the capital markets within three months.