Glenmark Life Sciences' share sale via initial public offering (IPO) was subscribed fully within hours of opening, data from the National Stock Exchange (NSE) showed. Glenmark Life Sciences IPO was subscribed 1.28 times till 12:20 pm on the first day of the issue. Glenmark Life Sciences received over 1.91 crore bids for 1.50 crore shares on the offer and a total of 1.45 bids were received at the cut-off price. Glenmark Life Sciences IPO will close for subscription on Thursday, July 29.
Glenmark Life Sciences shares were in very high demand among the retail individual investors as the portion reserved for them was subscribed nearly two times. While, Glenmark Life Sciences shares witnessed a tepid response from non-institutional investors and qualified institutional buyers.
Glenmark Life Sciences' Rs 1,513 crore IPO comprises of fresh issue of Rs 1,060 crore and an offer for sale of Rs 453.60 crore by its promoters. Glenmark Life Sciences is selling shares in the price band of Rs 695-720 per equity share. Retail individual investors can bid for minimum one lot of 20 shares up to maximum of 13 lots. At the upper price band one lot of Glenmark Life Sciences shares in IPO will cost Rs 14,400.
Glenmark Life Sciences will use the proceeds from IPO to pay the promoter for spin-off of the API business, fund capital expenditure requirements and for general corporate purposes, Glenmark Pharma said in a regulatory filing to the stock exchanges.
Ahead of the IPO, Glenmark Life Sciences garnered Rs 454.32 crore from 19 anchor investors.
Kotak Mahindra Capital, BofA Securities, Goldman Sachs, DAM Capital, SBI Capital and BoB Capital are the investment bankers to the public issue, whereas KFintech is the registrar to the issue.
Glenmark Life Sciences is the API (active pharmaceutical ingredients) arm of Glenmark Pharmaceuticals. It has more than 120 products in its portfolio and exports APIs to multiple countries in Europe, North America and Latin America.
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