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The ₹1,513-crore initial public offering of Glenmark Life Sciences was subscribed by 44.17 times on the last day of the issue, according to information available with the stock exchanges. The price band of the issue is ₹695-720 a share.
The portion reserved for retail investors was subscribed 14.63 times and quota allocated non-institutional investors received bids for 122.54 times. The portion for qualified institutional buyers has received bids for 36.97 times.
Anchor investors
The initial public offering (IPO) came out with a fresh issue of equity shares worth up to ₹1,060 crore and sale of up to 63 lakh equity shares by Glenmark Pharma.
Ahead of the IPO, the company on Monday raised ₹454 crore from anchor investors. It has decided to allot 63.06 lakh shares to 19 anchor investors at ₹720 a share. Among the anchor investors included HSBC Global Investment Funds, Government Pension Fund Global, Oaktree Emerging Markets Equity Fund LP, Copthall Mauritius Investment Ltd -ODI account, Societe Generale-ODI, Kuber India Fund and Reliance General Insurance Company.
The company plans to use the IPO proceeds to make the payment of the outstanding purchase consideration to the promoter for the spin-off of the API business. It will also use funds to finance the capital expenditure requirements and to meet general corporate purposes.
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