Gland Pharma shares are likely to be listed on the bourses on November 20 i.e. Friday. Gland Pharma's Rs 6,480 crore initial public offering (IPO) had received a muted response from the investor's community. It was subscribed by a mere 2.06 per cent, receiving bids for 6,21,55,670 shares as against the issue size of 3,02,37,879 shares. The shares were offered in the price band of Rs 1,490-1,500 per share. (Here's how to check the allotment status:
The IPO consisted of a fresh issue of shares worth around Rs 1,250 crore and an offer for sale (OFS) of more than 3.4 crore shares. The OFS included sale of up to 1.94 crore shares by Fosun Pharma, 1 crore shares by Gland Celsus Bio Chemicals, 35.73 lakh shares by Empower Discretionary Trust and 18.74 lakh shares by Nilay Discretionary Trust. The proceeds from the issue will be utilised for working capital requirements and for general corporate purposes.
The public offering was open for bidding for three days, from November 9 and November 11.
Gland Pharma IPO is the largest pharma public offer in the country. At the higher end of the price band of Rs 1,490-1,500, the company has a market cap of Rs 24,500 crore. Gland Pharma is the first Indian company, with Chinese parentage, to take the primary market route for its funding requirements.
Gland Pharma was founded by P V N Raju in Hyderabad in the year 1978. Fosun Pharma took a majority stake of 74 per cent in the company in 2017.