Gland Pharma shares made a strong debut on the BSE and NSE today. His shares went up as much as ₹1,819 in EEB compared to the issue price of ₹1,500. The pharmaceutical company’s initial public offering (IPO), which closed on November 11, was signed twice.
Of the company ₹The initial share sale of Rs 6,479.5 crore received offers for 6.21.55.670 shares against the 3.02.37,879 shares on offer, resulting in a 2.06-fold subscription.
The category reserved for Qualified Institutional Buyers (QIB) was subscribed 6.40 times, Non-Institutional Investors 51% and Retail Individual Investors 24%.
The initial public offering was for a new number of ₹1,250 crore and an offer for sale of 3,48,63,635 shares.
The price range for the initial public offering (IPO) of Gland Pharma noticed ₹1,490-1,500 per share. Before the IPO, Gland Pharma had raised ₹Rs 1,944 crore from anchor investors.
The Hyderabad-based company, backed by Fosun Pharma of China, develops, manufactures and markets complex injectables.
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 a 74% stake in the company in 2017.
Kotak Mahindra Capital Company, Citigroup Global Markets India, Haitong Securities India Private and Nomura Financial Advisory and Securities (India) managed the offering.
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