On Wednesday, July 28, the initial public offering (IPO) of Glenmark Life Sciences on the second day of bids was subscribed 5.77 times of the issue. The IPO received bids for 8,66,43,200 shares against 1,50,18,279 shares on offer. On July 27, the Glenmark Life Sciences IPO was subscribed 2.78 times on day 1 of the issue. Out of the total 1,50,18,279 shares, bids were received by investors for 4,17,79,260 shares.
The portion reserved for retail investors was subscribed 9.25 times, while the non-institutional investors' category was subscribed 3.39 times. Bidding for qualified institutional buyers opened today and the portion reserved for them was subscribed 1.38 times.
The 35 percent of the Glenmark IPO has been reserved for retail investors, whereas 15 percent of the issue has been reserved for non-institutional investors. Fifty percent of the issue has been reserved for qualified institutional buyers.
The company has decided to allocate 63,06,660 equity shares to 19 anchor investors at Rs 720 a share, aggregating to Rs 454 crore, according to a regulatory filing. The price band has been fixed at Rs 695 to Rs 720.
On July 29, the issue will close that comprises fresh issuance of 1.47 crore equity shares (worth around Rs 1,060 crore) and an offer for sale of up to 63 lakh shares by its parent company Glenmark Pharmaceuticals.
Glenmark Life Sciences is a subsidiary of Glenmark Pharmaceuticals, which develops and manufactures high-value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease (CVS), central nervous system disease (CNS), pain management, and diabetes.
The lead managers to the issue are Goldman Sachs (India) Securities Private Limited, SBI Capital Markets, Kotak Mahindra Capital Company, BofA Securities India Ltd, DAM Capital Advisors Ltd, and BoB Capital Markets. The equity shares of the company will be listed on BSE and NSE.
The shares of the company were available at a premium of Rs 110 in the grey market. On August 6, the issue is expected to be listed on the stock exchanges. Several investors have given the Glenmark IPO a subscribe rating. BofA Securities India, Kotak Mahindra Capital Company, and Goldman Sachs (India) Securities are the book managers for the Glenmark IPO.