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The initial public offer of Glenmark Life Sciences Ltd was subscribed 5.78 times on the second day of subscription on Wednesday.
The IPO received bids for 8,68,07,640 shares as against 1,50,18,279 shares on offer, as per NSE data.
Qualified institutional buyers(QIBs) category was subscribed 1.38 times, non-institutional investors portion received 3.39 times subscription and retail individual investors (RIIs) 9.28 times.
The initial public offer comprises a fresh issue of up to ₹1,060 crore and an offer for sale of up to 63 lakh equity shares.
The offer is in a price range of ₹695-720 per share.
Glenmark Life Sciences on Monday raised ₹454 crore from anchor investors.
At the upper end of the price band, the IPO will fetch ₹1,513.6 crore.
Proceeds from the fresh issue will be used towards the payment of outstanding purchase consideration to the promoter for the spin-off of the API business and funding the capital expenditure requirements.
Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, is a leading developer and manufacturer of select high-value, non-commoditised active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management, and diabetes.
The company also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives, and other therapeutic areas.
The equity shares of the company will be listed on BSE and NSE.
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