Glenmark Life Sciences IPO gets subscribed 45.08 times on the last day of issue

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Glenmark Life Sciences IPO gets subscribed 45.08 times on the last day of issue
BCCL
  • Glenmark Pharmaceuticals’ subsidiary Glenmark Life Sciences gets subscribed 45.08 times on the last day of its IPO bidding.
  • The portion reserved for retail investors was subscribed 15 times.
  • Analysts have recommended subscribing to the IPO because of the company’s good performance over the years, clean regulatory history and the fact that it has a strong promoter holding.
The public issue of Glenmark Pharmaceuticals’ subsidiary Glenmark Life Sciences saw strong demand from investors on the last day of the initial public offering (IPO) bidding process.

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 portion reserved for retail investors was subscribed 15 times.

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The IPO opened for subscription from July 27 and will close on July 29. It has set a price band of ₹695 to ₹720.

Here are some of the important dates related to IPO:
Issue details
Price band₹695-720
IPO open dateJuly 27
IPO close dateJuly 29
Allotment dateAugust 3
Initiation of refundsAugust 4
Credit of shares to demat accountAugust 5
IPO listing dateAugust 6
Minimum lot20

Glenmark Life Sciences is 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.

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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.

SEE ALSO: Ratan Tata’s fund-backed Axio Biosolutions raises $6 million to strengthen its position in India

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