Response to Gland Pharma Ltd.'s initial public offering remained muted on the second day of bidding.
The issue was subscribed 9% as of 2:20 pm on Nov. 10, led by retail investors who bid for 11% of the shares on offer. Institutional investors and high net-worth individuals, however, have hardly shown any interest so far.
Gland Pharma IPO Subscription Details
- Institutional investors: 1%
- High net-worth individuals: 1%
- Retail investors: 11%
The injectables maker plans to raise Rs 6,480 crore through the maiden offer at a price band of Rs 1,490-1,500 apiece. The offer comprises a fresh issue of equity shares worth Rs 1,250 crore, and sale of 3.5 crore shares by promoters and other investors.
Kotak Mahindra Capital Co. Ltd., Citigroup Global Markets India Pvt., Haitong Securities India Pvt. and Nomura Financial Advisory and Securities (India) Pvt. are lead managers to the issue.
The company has already allocated 1.30 crore equity shares at Rs 1,500 apiece to 70 anchor investors, raising Rs 1,944 crore ahead of the IPO.
Research reports on Gland Pharma IPO:
- Dolat Capital: Gland Pharma IPO - B2B Play On Injectables
- ICICI Direct: Gland Pharma IPO - Investment Rationale
- KRChoksey: Gland Pharma IPO - Investment Rationale
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