Hyderabad-based Gland Pharma’s initial public offering (IPO) was subscribed 4 per cent on Monday, the first day of the issue. The offering has received bids for 1.1 million shares as against 30 million on offer.
On Friday, the company had allotted Rs 1,944 crore worth of shares to anchor investors.
China’s Fosun Pharma-promoted firm is looking to raise Rs 1,250 crore through the IPO by issuing new shares.
The IPO also comprises of secondary share sale worth Rs 5,230 crore. The total IPO size is about Rs 6,480-crore, making it one of the biggest pharma IPO in the domestic market.
The price band has been set at Rs 1,490-1,500 per share. At the top-end, Gland will have a market cap of around Rs 24,500 crore.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU