Glenmark Life Sciences sold shares in the price band of 695-720 per equity share.Glenmark Life Sciences' share sale via initial public offering (IPO) was subscribed by 44.17times on Thursday, July 29- the third and final day of its issue.
The company's Rs 1,513 crore IPO consistedof afresh issue of Rs 1,060 crore and an offer for sale of Rs453.60 crore by its promoters.The public offer opened for subscription on July 27 and closed today - July 29,remaining open for investors for a period of three days.
On the secondday of its issue, the IPO wassubscribed nearly six times and on the first day, it was oversubscribedwithin hours of opening.On Thursday, non-institutional investors (NII)showed a hugeinterest as the portion reserved for them was subscribed 122.54times -the highest among the three groups of investors.
The portion set aside for retail individual investorswas subscribed 14.63times, while the portion reserved for qualified institutional buyers (QIB) was subscribed 36.97 times.Glenmark Life Sciences sold shares in the price band of 695-720 per equity share.
The company is a leading manufacturer of selected specialized active pharmaceutical ingredients (APIs) for chronic therapeutic areas such as the central nervous system,diabetes, pain management, among others.Domestic brokerage firm Anand Rathi gave a 's ubscribe' rating forGlenmark Life Sciences IPO.''At the upper end of the IPO price band, Glenmark Life Sciences Ltd.
is offered at 25.09x its FY21 earnings, with a market cap of Rs.
88,219 million.Given the company's leadership in select high-value non-commercialized APIs in chronic therapeutic areas, cost leadership, strong management, strong balance sheet, growing business, high RoNW of 46.71 per centin the fiscal ended March 31, 2021, and reasonable valuations; we give this IPO a "Subscribe" rating,'' said Anand Rathi in its report.