Stocks

Gland Pharma IPO subscribed 2 times

V Rishi KumarOur Bureau Hyderabad | Updated on November 11, 2020

The public issue of Gland Pharma to raise about ₹6,480 crore, including ₹1,250 crore fresh issue of shares, has been oversubscribed by 2.06 times on the last day on Wednesday, thanks to qualified institutional buyers.

According data available with stock exchanges, the QIB portion was subscribed by over 6 times. However, the IPO received a lukewarm response from retail investors (0.23 per cent) and high net worth individuals (0.50 per cent).

Ahead of the issue, the Hyderabad-based company, in which Chinese firm Fosun Pharma, is a major investor, had raised ₹1,943.86 crore from 70 anchor investors.

The IPO price band was fixed at ₹1,490-1,500 a share.

The company is an integrated manufacturer of complex, injectable products.

Published on November 11, 2020

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