Gland Pharma’s initial public offering was fully subscribed on the last day of subscription today. The numbers were subscribed 1.03 times as of 1:45 pm today. Gland Pharma’s IPO, the largest IPO of a pharmaceutical company in India, comprises a new issue of shares worth up to ₹1,250 crore and an offer to sell of 3,48,63,635 shares. The offer price range has been set at ₹1,490-1,500 per share.
Before the IPO, Gland Pharma had raised ₹Rs 1,944 crore from anchor investors. The IPO will recover ₹Rs 6,479.5 crore at the upper end of the price band.
The lot size is 10, which means investors must request multiples of 10 shares and in multiples thereafter. 35% of the shares are reserved for the retail segment. Gland Pharma’s shares are likely to be listed on the BSE and NSE on November 20 and the IPO award is likely to end around November 17. Link Intime India Pvt is the IPO Registrar for Gland Pharma and will handle the allocation and reimbursement.
The Hyderabad-based company, backed by Fosun Pharma of China, develops, manufactures and markets complex injectables.
The proceeds from the new share issue will be used for working capital, capital expenditures and general corporate purposes, according to preliminary documents.
Gland Pharma was founded by PVN Raju in 1978 and Fosun Pharma acquired 74% of the shares of 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).
It is proposed that the company’s shares be listed on the BSE and the NSE.
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