Gland Pharma IPO fully subscribed on final day of subscription1 min read . Updated: 11 Nov 2020, 01:52 PM IST
- Ahead of the IPO, Gland Pharma had raised ₹1,944 crore from anchor investors
- The IPO will fetch ₹6,479.5 crore at the upper end of the price band
The initial public offer of Gland Pharma has been fully subscribed on the final day of subscription today. The issues was subscribed 1.03 times as of 1:45 pm today. The initial public offer of Gland Pharma, the biggest IPO offering by a pharmaceutical firm in India, comprises a fresh issue of shares worth up to ₹1,250 crore and an offer for sale of 3,48,63,635 shares. Price range for the offer has been fixed at ₹1,490-1,500 per share.
Ahead of the IPO, Gland Pharma had raised ₹1,944 crore from anchor investors. The IPO will fetch ₹6,479.5 crore at the upper end of the price band.
The lot size is 10 which means that investors have to apply for multiples of 10 shares and in multiples thereafter. 35% of shares are reserved for the retail segment. Gland Pharma shares are likely list on BSE and NSE on November 20 and the IPO allotment is likely to be finalised around November 17. Link Intime India Pvt is the registrar of the Gland Pharma IPO and will manage allocation and refund.
The Hyderabad-based company, backed by China's Fosun Pharma, develops, manufactures and markets complex injectables.
The proceeds from the fresh issue of shares will be utilised for working capital, capital expenditure and general corporate purposes, as per the draft papers.
Gland Pharma was founded by P V N Raju in 1978 and Fosun Pharma acquired 74 per cent stake in the company in 2017.
The IPO is being managed by Kotak Mahindra Capital Company, Citigroup Global Markets India, Haitong Securities India and Nomura Financial Advisory and Securities (India).
Shares of the company are proposed to be listed on the BSE and the NSE.