Glenmark Life Sciences IPO gets subscribed 45.08 times on the last day of issue
- 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 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.
AdvertisementThe 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:
|IPO open date||July 27|
|IPO close date||July 29|
|Allotment date||August 3|
|Initiation of refunds||August 4|
|Credit of shares to demat account||August 5|
|IPO listing date||August 6|
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.
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
AdvertisementRBI finally explains its problem with cryptocurrencies and why CBDCs are safer
Popular on BI
- OnePlus blames voltage fluctuation after a user reports Nord 2 charger explosion
- Dropbox's billionaire founder Drew Houston says the 40-hour office week is a thing of the past and the pandemic has changed work forever
- Facebook pumping $50 million into its metaverse project is another sign that Zuckerberg doesn’t want to miss the crypto bus
- Buy biodegradable sanitary pads for women in India
- Best baby booster seat in India
- Amazon-backed Capital Float plans to go big in the buy now, pay later segment; raises $50 million
- Where Indians work — seven charts that show you the employment map of the world’s sixth largest economy
- Alibaba, Binance, Sparkpool and other companies are scrambling to avoid any heat from China over crypto concerns