Gland Pharma Garners Rs 1,944 Crore From Anchor Investors Ahead Of IPO
Fosun International Ltd. branding is displayed in an exhibition area during a news conference in Hong Kong, China. (Photographer: Paul Yeung/Bloomberg)

Gland Pharma Garners Rs 1,944 Crore From Anchor Investors Ahead Of IPO

Bookmark

Gland Pharma Ltd. has raised Rs 1,944 crore from anchor investors ahead of its initial public offering.

The IPO committee of the board "finalised allocation of 1,29,59,089 equity shares in aggregate, to anchor investors at the anchor investor allocation price of Rs 1,500 per equity share", the company informed stock exchanges.

At this price, the company garnered Rs 1,944 crore.

Also read: China’s Fosun Kicks Off Biggest Pharma IPO in India

The anchor investors include Government of Singapore, Nomura, Goldman Sachs, Morgan Stanley, SBI Mutual Fund, Axis Mutual Fund, SBI Life Insurance Co., Fidelity, ICICI Prudential Mutual Fund, HSBC Global Investment Funds, Small Cap World Fund and The Scottish Oriental Smaller Companies Trust PLC among others.

The Hyderabad-based company, backed by China's Fosun Pharma, develops, manufactures and markets complex injectables.

The company has fixed a price of Rs 1,490-1,500 per share for the initial public offer, which will be open for public subscription during Nov. 9-11.

The IPO comprises issuance of fresh shares worth up to Rs 1,250 crore and an offer of sale of up to 3,48,63,635 shares.

The OFS consists of sale of up to 1,93,68,686 shares by Fosun Pharma Industrial Pte., 1,00,47,435 shares by Gland Celsus Bio Chemicals Pvt., 35,73,014 shares by Empower Discretionary Trust and 18,74,500 shares by Nilay Discretionary Trust.

The IPO will fetch Rs 6,479.5 crore at the upper end of the price band.

This could probably be the first big Indian company with a Chinese parent to go for public listing.

Gland Pharma was founded by PVN Raju in 1978 and Fosun Pharma acquired 74% stake in the company in 2017.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.