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Thursday, December 03, 2020

Gland Pharma makes strong market debut; settles 22% above issue price on NSE

Gland Pharma: The shares of Gland Pharma got listed at a 14 per cent premium on the National Stock Exchange (NSE) at Rs 1,710 apiece, while on BSE, they debuted at Rs 1,701 per share, registering a 13.4 per cent rise over the issue price of Rs 1,500.

By: Express Web Desk | New Delhi | Updated: November 20, 2020 6:18:47 pm
Gland Pharma, Gland Pharma shares, Gland Pharma IPO, Gland Pharma stock priceGland Pharma Ltd. (Image source: Company's website)

Shares of generic injectables maker Gland Pharma made a strong debut in the BSE and National Stock Exchange (NSE) today. The scrip got listed at Rs 1,710.00 apiece on the NSE, thereby registering a 14 per cent rise from its offer price of Rs 1,500.00 apiece.

On the BSE, the Gland Pharma stock got listed at Rs 1,701.00 apiece, up 13.4 per cent from the issue price.

The stock eventually settled at Rs 1,820.45 on the BSE, thereby registering a 21.36 per cent rise on the issue price. While on NSE, it ended the first day at Rs 1,828.00 per share, rising 21.87 per cent. During the day, the stock hit a high of Rs 1,850 on both the bourses, while on the lower side, it has hit a low of Rs 1,700 on the NSE and Rs 1,701 on BSE.

Over 1.13 crore (1,13,10,647) shares of Gland Pharma were traded on the NSE during the day, while nearly 7.88 lakh (7,87,955) shares exchanged hands on the BSE, data from the respective stock exchanges showed.

The Gland Pharma IPO was subscribed 2.06 times during its offer period from November 9-11. The Rs 6,480 crore IPO of China’s Fosun Pharma-backed company saw a 6.4 times subscription from Qualified Institutional Buyers(QIBs). However, it met with a lukewarm response from the Retail Individual Investors(RIIs) and the Non Institutional Investors, who subscribed just 24 per cent and 51 per cent respectively.

The offer comprised issuance of fresh shares worth up to Rs 1,250 crore and an offer for sale (OFS) of up to 3,48,63,635 shares.

The OFS consisted of sale of up to 1,93,68,686 shares by Fosun Pharma Industrial Pte Ltd, 1,00,47,435 shares by Gland Celsus Bio Chemicals Pvt Ltd, 35,73,014 shares by Empower Discretionary Trust and 18,74,500 shares by Nilay Discretionary Trust.

Gland Pharma raised Rs 1,944 crore from anchor investors by selling shares at Rs 1,500 apiece. Government of Singapore, Nomura, Goldman Sachs, Morgan Stanley, SBI Mutual Fund, Axis Mutual Fund, SBI Life Insurance Company and Fidelity were among the anchor investors.

Founded initially by P V N Raju in 1978, Gland Pharma’s current promotor Fosun Pharma had acquired a 74 per cent stake in the drug firm in 2017. After this IPO, its promoter shareholding will come down to 58 per cent.

–with inputs from PTI

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