Glenmark Life Sciences, the subsidiary of Glenmark Pharmaceuticals, made a tepid debut on the bourses. The shares of Glenmark Life Sciences opened at Rs 751 on the BSE, a premium of 4 per cent compared to the issue price of Rs 720. On the NSE, the shares listed at Rs 750. At 11:50 am, Glenmark Life Sciences was trading at Rs 766.30 on the BSE, higher by Rs 46 or 6.37 per cent and at Rs 766 on the NSE, up Rs 46 or 6.33 per cent.
The Rs 1,513 crore initial public offering (IPO), which was open between July 27 and July 29, had received a good response from the investing community. The IPO, comprising a fresh issue of Rs 1,060 crore and an offer-for-sale of Rs 453.60 crore, was subscribed as much as 44.17 times.
Glenmark Life Sciences will utilise the proceeds from the fresh issue to pay the promoter for spin-off of the API business and to fund its capital expenditure requirements.
Glenmark Life Sciences, incorporated in the year 2011, is the API (active pharmaceutical ingredients) subsidiary 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.
Kotak Mahindra Capital, BofA Securities, Goldman Sachs, DAM Capital, SBI Capital and BoB Capital are the investment bankers to the public issue. KFintech is the registrar to the issue.
The BSE Sensex was trading at 54,375, lower by 115.9 points or 0.2 per cent on the Nifty was at 16,279.50, down 16 points.