Day 1: Glenmark Life Sciences IPO subscribed 2.78 times
The issue received bids for 4,17,79,260 shares against 1,50,18,279 shares on offer, as per data available with the NSE
The initial public offer of Glenmark Life Sciences Limited was subscribed 2.78 times on the first day of subscription on Tuesday. The issue received bids for 4,17,79,260 shares against 1,50,18,279 shares on offer, as per data available with the NSE.
The non-institutional investors’ category was subscribed 86% and those for retail individual investors (RIIs) 5.17 times.
The IPO comprises a fresh issue of up to Rs 1,060 crore and an offer for sale of up to 63 lakh equity shares. The price range for the offer, which will conclude on Thursday, has been fixed at Rs 695-720 per share. Glenmark Life Sciences on Monday raised Rs 454 crore from anchor investors. At the upper end of the price band, the IPO will fetch Rs 1,513.6 crore.
The firm will use the proceeds from the fresh issue will be used towards the payment of outstanding purchase consideration to the promoter for the spin-off of the API business and funding the capital expenditure requirements.