India's Gland Pharma jumps 20% in market debut

Shares of India's Gland Pharma rose as much as 20% in their market debut on Friday after raising 73.87 billion rupees ($996.83 million) in India's largest initial public offering by a pharmaceutical company.

Established in 1978 and backed by China-based Shanghai Fosun Pharmaceutical Group Co, Gland Pharma is a major provider of injectable generic drugs and sells its products in over 60 countries, including the United States, Canada and Europe.

The stock opened at 1,710 rupees per share, higher than the IPO price of 1,500 rupees per share, giving the company a market value of 279.21 billion rupees, based on 163.3 million shares outstanding.

(Reuters)