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23 May, 2024 15:59 IST
Gland Pharma IPO subscribed 0.18%

  The Rs 64,800-million IPO of Gland Pharma, has subscribed 0.18% on Monday, the first day of bidding. It will be the only listed player in the pure formulations space in India.The company has fixed issue price at Rs 1,490-1,500 a share. The face value of shares is Rs 1 each.

The public issue has received bids for 1.9 lakh equity shares against IPO size of over 30.2 million equity shares.

The IPO size excludes anchor book portion of over 12.9 million equity shares. The company has already raised Rs 19,440 million from 70 anchor investors last week ahead of the IPO.

The IPO consists of a fresh issue of Rs 12,500 million and an offer for sale of 34.9 million equity  shares by the promoter and other selling shareholders.

Kotak Mahindra Capital Company, Citigroup Global Markets India, Haitong Securities India and Nomura Financial Advisory and Securities India are the book running lead managers to the issue.        

Hyderabad-based Gland Pharma was established in 1978 and has a global footprint across 60 countries. It develops, manufactures and markets complex injectables. Gland Pharma has seven manufacturing facilities in India. China's Fosun Pharma had acquired a 74% stake in the company in 2017. Post IPO, the promoter shareholding will fall to 58% from 74%.     

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