The issue received bids for 6.21 crore shares as against 3.02 crore shares on offer.
The initial public offer (IPO) of Gland Pharma received bids for 6.21 crore shares on Wednesday, 11 November 2020, as against 3.02 crore shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:30 IST. The issue was subscribed 2.06 times.
The issue opened for bidding on Monday, 9 November 2020 and it will close today, 11 November 2020. The price band for the IPO was set at Rs 1490-1500 per share.
The IPO consisted of fresh issue of shares amounting to Rs 1250 crore and an offer of sale of 3,48,63,635 shares by the selling shareholders.
Ahead of the IPO, the Hyderabad-based generic injectables-focused company allotted 1,29,59,089 shares to 70 anchor investors at Rs 1,500 per share aggregating to Rs 1,943.86 crore.
Overseas investors included SmallCap World Fund INC, Government of Singapore, The Nomura Trust And Banking Co and Goldman Sachs.
Out of the total 1,29,59,089 shares allotted to anchor investors, the company allocated 43,19,700 shares (or 33.33% of the total anchor allotment portion) to 18 domestic mutual funds through a total of 77 schemes.
The proceeds of the offer for sale shall be received by the selling shareholders. The company proposes to utilise the net proceeds of the fresh issue towards funding incremental working capital requirements; funding capital expenditure requirements; and general corporate purposes.
The company recorded net profit of Rs 313.59 crore and total income of Rs 916.28 crore in the quarter ended on 30 June 2020.
Hyderabad-based Gland Pharma is one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India and other markets. It operates primarily under a business to business (B2B) model and it engaged in development, manufacturing and marketing of complex injectables. The company is promoted by Shanghai Fosun Pharma, a global pharmaceutical major.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
