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Glenmark Life Sciences Lists Share Prices At 4% Over Issue Price At Stock Market Debut

Glenmark Life Sciences’ shares were listed at Rs 751.10 at a 4% premium against the issue price of Rs 720 per share on the Bombay Stock Exchange.

glenmark life sciences

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After debuting at both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), the much-awaited Glenmark Life Sciences’ stocks were being listed at Rs 751.10, at a 4% premium against the issue price of Rs 720 per share on BSE. At the National Stock Exchange, the stock of the company opened at Rs 750 per share and later moved up to Rs 799.50, 11%higher than the issue price on the BSE.

The initial public offer (IPO) of Glenmark Life Sciences was subscribed 44.17 times as it received a tremendous response from investors. The institutional investor category was subscribed 36.97 times, the wealthy investor category was subscribed 122.54 times, and the retail category was subscribed 14.63 times.

Glenmark Life Sciences had kept its GMP between Rs 695 and Rs 720 per share. Glenmark Life's IPO comprised a fresh issue of Rs 1,060 crore and an offer for sale worth Rs 453.6 crore. The company is completely owned by Glenmark Pharma that develops and manufactures active pharmaceutical ingredients. After the listing, the parent company’s stake came down to 82.84%.

Why is Glenmark Life Sciences on the stock exchange?

Glenmark Life Sciences plans to use the proceeds from the fresh issue towards payment of previous purchases to its promoter and to aid its expansion plans. The company develops and manufactures APIs in chronic therapeutic areas like cardiovascular disease, central nervous system disease, pain management and diabetes, and sells APIs for gastro-intestinal disorders, anti-infectives and other therapeutic areas.

What do they specialise in?

Glenmark is one of the biggest pharmaceutical manufacturers in India and has built reliable, high quality and advanced manufacturing operations at four locations in the country. The company has an annual production capacity of over 550 MT. Their facilities are located at Ankleshwar, Dahej, Mohol and Kurkhumb. Not only do they work towards the development of API manufacturing, but they also control their own supply chain. Their facilities can handle different products with dedicated solvent recovery plants as their team of professionals, including engineers and chemists, work round the clock to improve the product quality and yield. Their team is known to conduct API operations in a systematic, scalable and safe manner.

 

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