Glenmark Life Sciences IPO subscribed 2.78 instances on Day 1; non-institutional buyers stay cautious
Glenmark Life Sciences hopes to boost as much as Rs 1,513.6 crore by means of the general public problem which opened at the moment at a worth band of Rs 695-720 per fairness share
The preliminary public providing (IPO) of Glenmark Life Sciences was subscribed 2.78 instances on opening day (at the moment, 27 July). The IPO acquired bids for as many as 4,17,16,740 shares on Day 1 towards its complete dimension of 1,50,18,279 shares.
The value band for Glenmark IPO has been mounted at Rs 695-720 per fairness share.
The portion reserved for retail buyers was subscribed 5.16 instances whereas these for non-institutional buyers was subscribed 0.85 instances. The portion for Certified institutional consumers has not opened for subscription but.
As Novi Reporter had reported earlier, as a lot as 35 p.c of the IPO is reserved for retail buyers. Whereas 15 perent of the problem has been reserved for non-institutional bidders, 50 p.c of the problem has been reserved for Certified institutional consumers.
The producer of energetic pharmaceutical components (APIs) in power therapeutic areas opened its IPO for subscription at the moment (27 July). The IPO will shut for subscription on Thursday (29 July).
The Glenmark Life Sciences will elevate as much as Rs 1,513.6 crore by means of the general public problem. It includes a recent problem price Rs 1,060 crore in addition to a proposal on the market (OFS) of 63 lakh fairness shares by its promoter Glenmark Pharma.
On 26 July, a day earlier than the openin of the problem, the IPO dimension was lowered after Glenmark Life Sciences raised Rs 454 from its anchor buyers.
Within the gray market, the shares of the corporate have been obtainable at a premium of Rs 110. It’s anticipated that the problem can be listed on the inventory exchanges on 6 August. A number of buyers have given the Glenmark IPO a subscribe ranking. BofA Securities India, Kotak Mahindra Capital Firm and Goldman Sachs (India) Securities are the e book managers for the Glenmark IPO.
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