The Glenmark Life Sciences initial public offering (IPO) was subscribed 44.17 times today (Thursday, 29 July), the last day of bidding. Of the total 1,50,18,279 shares, investors subscribed to as many as 66,32,97,760 shares.
The IPO opened on 27 July.
The shares will likely be alloted on 3 August, while listing is expected to be on 6 August.
Qualified institutional buyers, who have 50 percent of the issue reserved for themselves, subscribed 36.97 times. The portion reserved for retail individual investors was subscribed 14.63 times. They have 35 percent of the Glenmark IPO reserved. Non-institutional investors, for whom 15 percent of the issue reserved, subscribed 122.54 times.
When the company opened its IPO for subscription, it planned to raise Rs 1,513.6 crore. The IPO has fresh issues worth Rs 1,060 crore and an offer for sale (OFS) of 63 lakh equity shares by Glenmark Pharma, the promoter of the company.
Glenmark Life Sciences manufactures active pharmaceutical ingredients (APIs) in chronic therapeutic areas. Glenmark IPO price band has been fixed at Rs 695 to Rs 720.
The Glenmark IPO was given a subscribe rating by several investors when it opened for subscription.
Moneycontrol reported that Arihant Capital Markets believes that the company has a strong product portfolio and a long-term proven business model. The brokerage added that Glenmark Life Sciences has a consistent track record and an experienced management team.
The proceeds raised from the fresh issue are going to be used by the company to fund capital expenditure requirements and for the payment of outstanding purchases. The amount will also be used for general corporate purposes.