Glenmark Life Sciences hopes to raise up to Rs 1,513.6 crore through the public issue which opened today at a price band of Rs 695-720 per equity share
The initial public offering (IPO) of Glenmark Life Sciences was subscribed 2.78 times on opening day (today, 27 July). The IPO received bids for as many as 4,17,16,740 shares on Day 1 against its total size of 1,50,18,279 shares.
The price band for Glenmark IPO has been fixed at Rs 695-720 per equity share.
The portion reserved for retail investors was subscribed 5.16 times while those for non-institutional investors was subscribed 0.85 times. The portion for Qualified institutional buyers has not opened for subscription yet.
As Firstpost had reported earlier, as much as 35 percent of the IPO is reserved for retail investors. While 15 perent of the issue has been reserved for non-institutional bidders, 50 percent of the issue has been reserved for Qualified institutional buyers.
The manufacturer of active pharmaceutical ingredients (APIs) in chronic therapeutic areas opened its IPO for subscription today (27 July). The IPO will close for subscription on Thursday (29 July).
The Glenmark Life Sciences will raise up to Rs 1,513.6 crore through the public issue. It comprises a fresh issue worth Rs 1,060 crore as well as an offer for sale (OFS) of 63 lakh equity shares by its promoter Glenmark Pharma.
On 26 July, a day before the openin of the issue, the IPO size was reduced after Glenmark Life Sciences raised Rs 454 from its anchor investors.
In the grey market, the shares of the company were available at a premium of Rs 110. It is expected that the issue will be listed on the stock exchanges on 6 August. Several investors have given the Glenmark IPO a subscribe rating. BofA Securities India, Kotak Mahindra Capital Company and Goldman Sachs (India) Securities are the book managers for the Glenmark IPO.