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IPO Wrap: Glenmark Life Sciences IPO subscribed 44.17 times on final day led by non institutional investors, QIBs

Glenmark Life Sciences IPO subscription status: Glenmark Life Sciences IPO was subscribed 44.17 times on the final day of the offer.

By: Express Web Desk | New Delhi |
Updated: July 30, 2021 9:45:30 am
Glenmark Life Sciences IPOGlenmark Life Sciences IPO will be available from July 27-29, 2021. (Representative image: Pixabay)

Glenmark Life Sciences IPO subscription status: The initial public offering (IPO) of Glenmark Life Sciences, a wholly-owned subsidiary of Glenmark Pharmaceuticals, which was launched earlier this week was met with a robust demand by the investors.

Glenmark Life Sciences IPO was subscribed 44.17 times on the final day, data available on the BSE showed. The Rs 1,513.6 crore offer received bids for over 66.32 crore (66,32,97,760) shares against the total issue size of 1.50 crore (1,50,18,279) shares, the data showed.

The shares which are to be allocated for the qualified institutional buyers (QIBs) got subscribed 36.97 times, while those of non institutional investors were subscribed a whopping 122.54 times and that of retail individual investors (RIIs) was subscribed 14.63 times, the BSE data showed.

Glenmark Life Sciences is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management and diabetes. It also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives and other therapeutic areas.

The IPO comprises of a fresh issue of equity shares worth Rs 1,060 crore and an offer for sale (OFS) comprising of up to 63 lakh equity shares worth Rs 453.6 crore by Glenmark Pharma.

The IPO had opened for subscription on Tuesday, July 27, 2021, and concluded at 5 pm today. It had a price band of Rs 695-720 per share and before heading into the IPO, Glenmark Life Science raised over Rs 454 crore from 19 anchor investors in lieu of 63,06,660 equity shares at Rs 720 each.

Going ahead, investors will now look forward to the share allotment date of the issue. The finalisation of the basis of allotment for Glenmark Life Sciences is expected to take place on Tuesday, August 3, 2021, as per the information provided in the red herring prospectus.

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