- Shares of Glenmark Life Sciences list at over 4% premium from its price band of ₹695-720 per share.
- The IPO was subscribed 45.08 times on the last day of the bidding.
- The market capitalisation of the company stood at ₹9,267 crore.
Post listing, the market capitalisation of the company stood at ₹9,267 crore, according to BSE data.
The shares of Glenmark Life Sciences were trading at ₹756 at 10.01 a.m., on August 6.
The grey market price of the stock had also suggested a weak opening for the IPO.
Moreover, the IPO saw strong demand from investors on the last day of the initial public offering (IPO) bidding process as the issue size was subscribed 45.08 times on the last day. The IPO has received bids for 66.33 crore equity shares against the IPO size of 1.4 crore equity shares.
The issue was open for subscription between July 27 and July 29.
Glenmark Life Sciences was looking to raise ₹1,060 crore through the IPO. From the overall IPO proceeds, ₹800 crore will go to the promoter Glenmark Pharmaceuticals as payment for the spin-off. In 2019, the API manufacturing business of Glenmark was spun off into Glenmark Life Sciences as part of a broader reorganisation focusing on the API business.
Further, the company intends to use the proceeds from the IPO for capital expenditure requirements which includes the expansion of capacity at the Dahej (Gujarat) manufacturing site to meet the anticipated future demand of its generic active pharmaceutical ingredients (API) products.
Glenmark Life Sciences is a leading developer and manufacturer of select high value ingredients that go into drugs for treating chronic illnesses, including cardiovascular disease, central nervous system disease, pain management and diabetes, according to the company’s IPO prospectus filed with the regulator.
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