INSUBCONTINENT EXCLUSIVE:
At 11:50 am, Glenmark Life Sciences was trading at Rs 766.30 on the BSEGlenmark Life Sciences, the subsidiary of Glenmark Pharmaceuticals,
made a tepid debut on the bourses
The shares of Glenmark Life Sciences opened at Rs 751 on the BSE, a premium of 4 per cent compared to the issue price of Rs 720
On the NSE, the shares listed at Rs 750
At 11:50 am, Glenmark Life Sciences was trading at Rs 766.30 on the BSE, higher by Rs 46 or 6.37 per cent and at Rs 766 on the NSE, up Rs 46
or 6.33 per cent.The Rs 1,513 crore initial public offering (IPO), which was open between July 27 and July 29, had received a good response
from the investing community
The IPO, comprising a fresh issue of Rs 1,060 crore and an offer-for-sale of Rs 453.60 crore, was subscribed as much as 44.17 times.Glenmark
Life Sciences will utilise the proceeds from the fresh issue to pay the promoter for spin-off of the API business and to fund its capital
expenditure requirements.Glenmark Life Sciences, incorporated in the year 2011, is the API (active pharmaceutical ingredients) subsidiary of
It has more than 120 products in its portfolio and exports APIs to multiple countries in Europe, North America and Latin America.Kotak
Mahindra Capital, BofA Securities, Goldman Sachs, DAM Capital, SBI Capital and BoB Capital are the investment bankers to the public issue
KFintech is the registrar to the issue.The BSE Sensex was trading at 54,375, lower by 115.9 points or 0.2 per cent on the Nifty was at
