Gland Pharma IPO Subscribed 4% On First Day
This is the biggest IPO by a pharmaceutical company in India.
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The initial public offer of Gland Pharma was subscribed 4% on the first day of subscription on Monday.
The initial share-sale received bids for 4,96,540 shares against 3,02,37,879 shares on offer, as per data available with the NSE.
Non institutional investors category was subscribed 1% and retail individual investors 8%.
The initial public offer comprises a fresh issue of Rs 1,250 crore and an offer for sale of 34,86,3635 shares.
Price range for the offer, which would close for subscription on Wednesday, has been fixed at Rs 1,490-1,500 per share.
Gland Pharma has raised Rs 1,944 crore from anchor investors.
The IPO will fetch Rs 6,479.5 crore at the upper end of the price band.
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.
The company's promoters are Fosun Singapore and Shanghai Fosun Pharma. Gland Pharma was founded by P V N Raju in 1978 and Fosun Pharma acquired 74% 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.