The initial public offering (IPO) of Gland Pharma has been fully subscribed on the final day of subscription period on Wednesday. At 1.45 pm, the issue was subscribed 1.03 times.
It was the biggest IPO offering by a pharmaceutical firm in India which comprises of fresh issuance of shares worth Rs 1,250 crore and an offer for sale of up to 3,48,63,635 shares. The price range of the issue has been fixed at Rs 1,490-1,500 per share and at the upper band of the price band the IPO will fetch around Rs 6,479.5 crore.
Gland Pharma has kept a lot size of 10 shares and investors can further apply in the multiples of 10 shares thereafter. The Retail Individual Investors (RIIs) segment are reserved with 35 per cent of shares. The shares are likely to be listed on BSE and NSE on November 20 and the allotment is likely to be finalised around November 17.
The company will use the proceeds from the fresh issue of shares for meeting working capital, capital expenditure and general corporate purposes, as per the draft papers filed. Link Intime India Pvt is the registrar of the IPO and will manage fund allocation.
Kotak Mahindra Capital Company, Citigroup Global Markets India, Haitong Securities India and Nomura Financial Advisory and Securities (India) managed the IPO.