Glenmark Life Sciences share made a tepid debut today, rising 4.30% to Rs 751 on BSE against issue price of┬а Rs 720. The stock touched a high and a low of┬а Rs 800 and┬а Rs 737, respectively. Total 9.26 lakh shares changed hands amounting to turnover of Rs 71.61 crore.
Market cap of the firm rose to Rs 9,441 crore.
On┬а NSE, the pharma share listed at Rs 750 against issue price of Rs 720.
Total 1.49 crore shares changed hands amounting to turnover of Rs 1,159 crore.
Market cap of the firm rose to Rs 9,431 crore on NSE.
The initial public offer (IPO) was subscribed 44.17 times on the last day of subscription. The IPO closed on July 29.
The Rs 1,513.6-crore IPO received bids for 66,33,24,160 shares against 1,50,18,279 shares on offer.
Price band of the share sale was fixed at Rs 695-720 per share. IPO size consists of a fresh issue of┬а Rs 1,060 crore and offer for sale (OFS) of up to 63 lakh shares by its promoter Glenmark Pharma.
A day ahead of the IPO on July 26, Glenmark Life Sciences raised Rs 454 crore from anchor investors. The company would allocate 63,06,660 equity shares to 19 anchor investors at Rs 720 a share, aggregating to Rs 454 crore.
Proceeds from the fresh issue will be used towards payment of outstanding purchase consideration to the promoter for the spin-off of the API business and funding the capital expenditure requirements.
Allotment of shares was done on August 3, 2021. ┬а
Promoter of the firm sold 17.2% stake in the IPO and is left with 82.8% shareholding┬а in the company.
Half of the total issue is reserved for qualified institutional buyers, 35 per cent for retail investors, and remaining 15 per cent for non-institutional investors.
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 are the lead managers to the issue.
