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Gland Pharma shares listed today at ₹1,701, as against the issue price of ₹1,500 and closed at ₹1820.45, up 21.36 per cent over issue price.
The stock has been quoting at a premium from the morning, as was predicted by some market analysts and now has a market cap of ₹29,724.82 crore at the closing price end of the day.
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.
Big pharma co
In 2017, Fosun Pharma, the Hong Kong listed company had acquired 74 per cent stake in Gland Pharma for $1.09 billion, wherein private equity firm KKR divested its holding. The initial public offering from the Hyderabad based pharma company, was one of the biggest public offer in India in the pharma sector and its outcome was being closely watched.
The public issue of Gland Pharma was floated to raise about ₹6,480 crore, including ₹1,250 crore through a fresh issue of shares. The IPO was oversubscribed by 2.06 times, mainly due to qualified institutional buyers, whose portion was subscribed by 6 times.
However, the IPO received a lukewarm response from retail investors and high net worth individuals.
Thanking the investors for reposing faith in the company IPO, Srinivas Sadu, MD, CEO, said “The investor base is now more than 1.5 lakh crore.”
The company is an integrated manufacturer of complex and injectable products.
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