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Gland Pharma IPO: The issue will close on November 11
Gland Pharma IPO: The issue will close on November 11

Gland Pharma IPO subscribed 22% on second day of bidding

  • A successful IPO will Gland Pharma the first Chinese owned company to list on Indian stock markets
  • The Gland Pharma IPO was launched with a price band of 1,490-1,500 per share

Mumbai: China’s Fosun Pharma owned Gland Pharma’s Rs6,480 crore initial public offering (IPO) was subscribed 22% on Tuesday, the second day of the public offer.

A successful IPO will Gland Pharma the first Chinese owned company to list on Indian stock markets.

According to data from stock exchanges, it received bids for 65.03 lakh equity shares against 3.02 crore equity shares. The retail investors portion was subscribed 14.3% and non-institutional investors saw 2.3% subscription, while qualified institutional investor portion of the share sale was subscribed 47.8% as of Tuesday.

The Gland Pharma IPO was launched with a price band of 1,490-1,500 per share, consisting of a fresh issue of 1,250 crore and an offer for sale of over 3.48 crore equity shares by the promoter and selling shareholders.

The Shanghai based Fosun Pharma-owned company, raised a total of 1,943.86 crore from 70 anchor investors ahead of the public offer on Friday.

"The offer is priced at price to equity of around 19 times on annualized EPS of the quarter ended June 2020. With a strong product pipeline and more complex products under development, focus on B2B expansion and licensing and opportunities to enter more therapy areas, the offer looks attractive. Besides, Gland has still not leveraged its facilities for penems, ophthalmic, which shall further boost earnings," brokerage Dolat Capital said, recommending a “subscribe" to the offer.

Gland Pharma IPO was subscribed 4.5% on the first day of bidding.

The company has 267 ANDA filings comprise 191 ANDA filings for sterile injectables, 50 for oncology and 26 for ophthalmic related products and is one of the largest and the fastest-growing injectable-focused B2B companies, with a global footprint across 60 countries, including the US, Europe, Canada, Australia, India and other markets.

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