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MUMBAI: The initial public offering (IPO) of Glenmark Life Sciences Ltd was fully subscribed within hours of opening on the first day, led by robust demand from from retail investors.

The overall book, excluding the anchor allotment, was subscribed 1.15 times. As of 1210pm, the retail investor category was subscribed 2.25 times while the non-institutional portion was subscribed 0.17 times. The portion set aside for qualified institutional buyers was yet to receive bids.

Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals Ltd, has fixed the price band of its 1,514-crore IPO at 695-720 a share. The offer comprises a fresh issue of Rs1,060 crore and offer-for-sale worth 453.6 crore by the parent.

The IPO will close on 29 July.

"Given the company’s leadership in select high value non-commercialised APIs in chronic therapeutic areas, cost leadership, strong management, strong balance sheet, growing business, high RoNW of 46.71% in the fiscal ended March 31, 2021 and reasonable valuations; we give this IPO a "Subscribe" rating," brokerage Anand Rathi said in a note to its investors.

Ahead of the IPO, Glenmark Life Science raised 454 crore by allotting 63 lakh shares to 19 anchor investors.

Glenmark Life Sciences a leading developer and manufacturer of active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular diseases, central nervous system diseases, pain management and diabetes. Its portfolio comprises 120 products.

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